We have purchased a flat in 1986 directly from the builder in the name of my wife Mrs. SUNITA and my Brother Naresh. My brother died in 1997. Area after extention 1230 sq ft
I purchased a flat in Kandivali in 1985 in my name (Bhupesh) - Area 560 sq ft. My sister in law (w/o Naresh) was added in share certificate for the sake of convinience. My Brother's family is leaving in Kandivali flat
Now we want to correct records and as a family arrangement we have agreed on the following
1) My Brother's family will continue to occupy flat in Kandivali. My name to be deleted from Share Certificate and either My Sister in Law (Mrs. Bindu ) to remain as sole owner or her son Rohan's name to be added in place of my name as owner of the apartment
2) We will continue in our apartment in Andheri. My Brother's family will give no objection certificate to remove my brother;s name fromm the share certificate and to be replaced by my name
In effect 560 sq ft of apartment in Kandivali to be given in lieu of 50 % share in Dhanlaxmi. Value of Maithili Apartment and 50 % of Dhanlaxmi apartment is the same
please advise if there are any stamp duty or Income tax implications. We will be planning to sale Andheri apartment after above changes are done
