Property transfer


We are, 3 brothers, living in a multistory building & having joint family. The entire property is in the name of younger brother.  But now we are planning to separate & each brother wishes to keep one floor.

Since, the property is in the name of younger brother, how can we legally transfer the property into each brother?  Shall we have to pay stamp duty on registry or gift deed is possible? Is there any other way also? 

Kindly guide us so as we can legally transfer the property with ownership & also save the stamp duty since the transfer is within the family.

Anticipating a positive response from your side at your earliest

Jai
satna, Madhya pradesh
 

 
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CEO

Tell your younger brother to make his property intoi 4 portions and to keep one portion to himself and the remaining 3 to each of you  three by way of registered gift Deed.If it is cash it is all the more easier. Kind means by leaps and bounds etc will have to  be taken into consideration.Get the Partition Deed Registered.in case it is partitionDeed no need of gift deed. It is upto you to choose either of the two options. I suggest you go by gift deed way.

 
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CEO

Sir, Since the entire property is in the name of the younger brother it will be advisable to prepare gift deeds and get these stamped and registered. Good luck, Kishor Mehta
 
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Lawyer

I agree with experts gift deed is the only and best option, alternatively sale deed can be executed and registered.

 
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Yes,gift deed is better option.
 
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