I am a coowner of a flat which is joingly held by three members i.e 1) 1st Owner =My brother 2) 2nd Owner =Me 3) 3rd Owner = My father.
The Value of the property is 1.25 Cr. and its in Mumbai. We share equal part in property ie. 4166666 33.33% share of each of us.
Now my Brother (1st owner) wants to leave the flat and buy other flat. For this he wants to sell his part in the property and also wants 1/2 share of my fathers part in the property which is (4166666/2 = 2083333). Now to pay him my father have sold one of his other property which is fully owned by him, from which he received 50 lacs).
Now we want to remove my brother name from the property by paying him (4166666 his own share+ 2083333 1/2 of father share) = 6249999/-
Now out of 62499999/- my father is paying 50lac and balance amount of 12.5 lac is paid by me.
Kindly let me know how can i proceed this legal work so that the name of my brother is removed from the property agreement deed and in our society CHS. Also at the same time the share of my father and me is increased in the property in acoordance to percentange of amount we are paying individually i.e 50lac my father and 12.5 lac me. At the same time tax liablities / expenses shld be limited or minimum.
Following are the option which comes to my mind plz correct incase wrong and also suggest additional way to go for it.
1) If we go for gift deed where in my brother gift his share to my father & me in accordance to share of payment we make to him. (i have heard gift deed is not possbile in case the property is jointly held by me, my broher and father - plz correct me). In this case we wld pay my brother the amount of his share seperatly through other route not on sale of property.
2) or Relinquisment deed wherein my brother sale his share in property and me and my father buys his part of share in the property.
In second option since my father has sold other property he can use the amount recieved from the sale to buy his stake in new property which is a share my brother so there wld be no tax liablity or capital gains to paid for my father. since he is investing in other new property.
Plz suggest a method where the name of my brother is removed from agreement and society and there shld be no conflicts in future in respect to my father share between me and my brother.
Thanks
Anshu Kataria
