A relinquishment (release) deed is used by a co-owner, typically an heir, to give up their share in favour of the other co-owners. A gift deed can transfer property to anyone. Both must be registered; stamp duty on each is set by the state.
Side by side
Factor
Relinquishment deed
Gift deed
Who can receive
Only existing co-owners
Anyone
Typical use
Heirs consolidating inherited property in one name
Passing property to family or others
What is transferred
The releasor's undivided share
The whole property or a share
Consideration
With or without payment
None
Registration
Compulsory
Compulsory
Stamp duty
Set by the state; often concessional within family
Set by the state; often concessional within family
Can be revoked
Generally no, once registered
Only on narrow grounds
When Relinquishment deed matters
Use a relinquishment deed when, say, siblings inherit a flat jointly and all but one give up their shares to the one who will keep it.
When Gift deed matters
Use a gift deed when the person receiving is not already a co-owner.
In more detail
A release in favour of someone who is not a co-owner is not a relinquishment and may be treated as a gift or a sale. Choose the deed that matches the facts.
After registration, apply for mutation so the municipal and revenue records show the single owner.