Here are three ways to transfer your property

If you are looking to transfer property, you have three options -- sales deed, gift deed and relinquishment deed. The later two could work well, when it comes to passing on the property to your relatives, notes a report in ET Wealth today.

When you gift an immovable asset like a house, you will need to get the gift deed registered with the authority concerned.If it is something movable like jewellery or cars, registration is not mandatory.

For gift deeds, you will have to bear the stamp duty charges but will not have any tax implications, if you plan to pass on the property of certain relatives. But, keep in mind that a gift deed can be challenged in court, but it cannot be revoked.

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By using the next option, a relinquishment deed, you can actually transfer your rights for a particular property to another co-owner.

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When you transfer an immovable property via a relinquishment deed, you have to bear the stamp duty costs. Keep in mind that these types of deeds too are irrevocable. This is a good option when it comes to transfer of your share in jointly held property. And finally keep in mind that a relinquishment deed does not give you tax benefits.

Read the full ET Wealth report here.