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
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.