Relinquishment Deed:

This agreement is not the best way to transfer a property to someone without involving any monetary transactions. This method allows the owner to transfer a property to a co-owner. This sort of transfer is also irrevocable.  This involves a relinquishment deed that needs to be signed by both parties and registered at the sub-registrar’s office. A stamp duty needs to be paid during the registration process. However, the stamp duty needs to be paid only on the portion of the property that is being relinquished and not on the total value of the property.

When compared to the gift deed, this deed has the problem of being taxable, if the relinquishment is for monetary gains, and not inclusive of any discounts if the property is being relinquished to a relative.