Sale of property.

Querist : Anonymous (Querist) 04 December 2018 This query is : Resolved
Respected Sir/ Madam
I had advised my brother-in-law to purchased a property measuring 30x40 adjoining my site in the year 2009 the rate was 960000/- + cost of registration. There was an agreement to pay the full amount within a stipulated time set by the seller, The initial part payment of 4.60 lacs was paid by my BIL and unfortunately due to recession he could not make the balance payment and wanted a refund, since the seller was reluctant to repay the amount paid , I picthed in to pay the balance 4.60lacs and be a 50 % owner of the property. This was very much acceptable to my BIL after which i got the property registered in my name with full consent of my BIL i paid for the registration and got it registered in my name and since then paying the property tax / katha etc. . From 2009 till date i enjoy the usage of the property as its adjoining my house and now its an extended compound.

Now my BIL has been brain washed to get the hold of the property as there is no proof that the 2nd half belongs to him. He approached me asking me to either sell the property and pay him the amount which is close of 20lacs as on date market value or to register his portion on his name. I could feel he fears I may cheat him.

My question is
1.If i have to register the site in his name would there be a cost/ commercial transaction ? how do i show the transaction
2.Can I do a gift deed in favour of him or my sister (his wife) would that attract any charges like registration or anyother .

3. Will i be liable to pay long term capital gains for the profit made out of this deal.

4. what would be the best option to dispose the property.

My intention is not to cheat him at all.

kindly guide .

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