Registration type need to be known for exchange of land between a brother and sister in tamil nadu?

Mahesh (Querist) 11 March 2013 This query is : Resolved
Dear Sir,
My Mother's Father had a self acquired property. which he distributed as Settlements to four of his childrens (3 Sons and 1 daughter (My mother)).

But for my mother it is not an equal share. and not come in a fair location.

My mother convinced one of his brother to exchange the lands which comes in better location.

So, My Mother will provide him 1 ground and in exchange of that, my uncle will give the same 1 ground in another location (Both lands obtained as settlements from there Father)

I just want to know, what kind of the registration type we need to proceed?

Again a settlement like my grand pa did?

will a settlement registration can be made between a brother and sister? or is there any other registration type???

We just don't want any future claims from my uncle's children.

this need to be Done in Tamil Nadu. we have to plan it is tax saver.

waiting for your comments.

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Devajyoti Barman (Expert) 12 March 2013
Deed of exchange would do.
Partition or family settlement deed are other options.

prabhakar singh (Expert) 12 March 2013
WHEN ALL HAVE DIFFERENT PROPERTIES IN THEIR SEPARATE NAME A PARTITION OR SETTLEMENT DEED IS NOT ATTRACTED IN GIVEN FACTS OF THE CASE.

hence exchange or sale are the options.

Mahesh (Querist) 12 March 2013
Thanks for your replies. I consulted one of a lawyer in our area. He said,a "Release Deed" will be cheapest way.

But, i am not sure if it will be good. Could you please let me know if "Release Deed" can be applied for exchange of land between a brother and sister. we need to avoid any future claims. And as well in Tamil Nadu Release Deed will only cost 1% or 10000 Rs max.

Waiting for your reply.

prabhakar singh (Expert) 12 March 2013
When a property is co-owned or jointly owned
only then one or several co or joint owners can release or relinquish their share in favor of other desired co or joint owner.

Here In your case your mother is exclusive owner of a piece of land in which no brother
has any right,if you have correctly posted facts and likewise her brother who is to give her is exclusive owner of land he is ready to give.

In case it is not so and in the record of rights all brothers and your mother are recorded jointly despite the settlement you have told then only RELEASE OR RELINQUISHMENT DEED WOULD BE LEGALLY POSSIBLE.

Mahesh (Querist) 12 March 2013
Thanks Prabhakar Ji,
How about a settlement registration type in this case. ??? A settlement from a brother to sister and vice versa. So, atleast we will get money saved??

because, if we go for sale type, then it will be like we have to pay 8% of property value two times (for them too we have to bare the fees) . which will be almost 20 lakhs around.

prabhakar singh (Expert) 12 March 2013
HOW ANY SETTLEMENT IS ATTRACTED HERE?

BETTER GO FAR GIFT DEEDS THAT WOULD ALSO BE CHEAPER WITH REGARD TO DUTY.