All About Hakka Sod Patra Or Relinquishment Deed In Maharashtra
By way of relinquishing, a property owner gives away his interest and authority over the asset. To make the process legal, a relinquishment deed is made. In various parts of Maharashtra, the Hakka Sod Patra ensures the same.
How to get Hakka Sod Patra made?
A co-owner can relinquish their share in a property in favour of the other co-owner. It cannot be done in favour of a third party that otherwise does not have any authority over the said property. One does not have to pay any stamp duty on transfer of property to legal heirs. However, the registration needs to be completed at the sub-registrar’s office.
After paying the fee, both parties along with two witnesses should register the hakka sod patra. The deed is usually prepared within a week and can be collected after this period from the office. The hakka sod patra should be registered and then submitted with the revenue officer and thereafter your name will be entered in the 7/12 extract.
Registration of hakka sod is important in case if someone challenges the legality and validity of such a deed in future. There have been various instances in the past where a rightful owner was fraudulently made to sign on the hakka sod patra.
Relinquishment may be for monetary consideration or without it, but remember that it does not entail any tax benefit and will account for the person who is relinquishing. If the monetary consideration received is less than the stamp duty, in this case, the difference between the two will be taxable and to be paid by the buyer. If you are relinquishing without any consideration, the stamp duty value is regarded as the sale price.
It is important to seek lawyer’s help in case you are planning on a hakka sod format because these will vary depending upon the case.
A hakka sod patra when registered is the final word and irrevocable but can be challenged on grounds of fraud or misrepresentation.