Comparison in terms of Will, Gift, and Relinquishment Deed.
| Comparison in terms of | Will | Gift | Relinquishment Deed |
| Execution (taking effect) | Takes effect upon the death of the testator. | Takes effect during the lifetime of the Donor and Donee. |
It takes effect during the lifetime of the co-owner towards another co-owner.
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| Registration | Registration is not mandatory but it can be registered | Registration is mandatory under section 17 of the Registration Act 1908. |
Registration is mandatory under section 17 of the Registration Act, of 1908.
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| Registration charges | Payable | Payable | Payable |
| Stamp duty | No stamp duty is Payable | Stamp duty payable Between close relatives, stamp duty is exempted in many States | Stamp duty payable |
| Consideration | A Will is made without any consideration. | A Gift deed is made without any consideration. |
A relinquishment deed may or may not have an element of consideration.
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| Tax Implications | There are no tax implications on the beneficiary. | A Gift received from close relatives or during marriage is exempt from tax liability and in other cases gift with a value exceeding Rs. 50,000/- is taxable at the hands of Donee. |
There are no tax benefits for a 'transfer' under relinquishment deed. Therefore, relinquishing a right in property against monetary consideration will attract capital gains for the transferor. Further, tax will be levied only upon the portion of property in which the right is relinquished.
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| Revocation | A Will can only be revoked in accordance with section 70 of the Succession Act. | A gift deed cannot be revoked; however, it can be challenged in a court of law on the grounds of fraud or coercion. |
A relinquishment deed is irrevocable even if it is without any consideration. It can be only challenged in a court of law on the grounds of fraud or coercion
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Also Read: Can a Gift Deed be revoked by the parties ?