Property Gift from brother

Dear  Rekha

Let your brother execute a gift deed of money and transfer the amount thru the banking channel viz. transfer, drawing a cheque or draft and depositing it in your account from where you can issue a cheque in favour of the developer. This way you you save on paying for stamp duty & registration twice, but, in case if the property is bought by your brother in his name and he later transfers it on to you, you will have to bear stamp duty on the original purchase of the house by your brother in his name and again pay stamp duty to register the gift of the house in your name. Moreover, simple notary is sufficient for notarising the gift of money but in case of gift of immovable property it is mandatory to register the gift deed.

Mr Vishal is right to some extent

Simply take a letter from your brother that he is gifting the amount to you for purchase of the house in you own name. Then every thing is finished

A simple confirmation from your brother regarding gift of money alongwith reasonable proof of transfer of funds through legal channels is sufficient in so far as gift from your brother is concerned. It will neither attract stamp duty nor any Income Tax liability. You may have to satisfy the IT authorities regarding creditworthiness or in simple words capability of your brother to gift you the claimed amount.

The purchase of property directly in your name is always stamp duty efficient.