Mr. X has two sons (A & B) and one daughter, after the death of their mother Elder son (A) has paid share of younger brother (b) in Year 1991 and sister relinquished her right in favour of Elder son (A), but the same was done orally and signatures were done on a piece of plain paper as family arrangement.
Now the Elder Son wants to transfer the said property in his name, my first question is what were the modes through which property can be transferred with minimum cost?
I think there wer three options either by sale - which is costly in terms of stamp duty
or by gift - again heavy duty is involved
or by family settlement deed - in which minimum stamp duty is payable (perhaps 1.5% in Haryana)
now my second question is whether the family settlement deed in which both father Mr. X, Younger Brother Mr. B and sister will be the party to the contract, is full proof mode to transfer the property to elder son?
whether in future their is any legal right with father, younger son or sister has in respect of said property or else the said property will be solely and severaaly will be held in the name of Mr. A.?
Also kindly suggest whether the property can be transferred by virtue of family settlement to the wife of elder son Mr. A to save the stamp duty costing w.r.t to female rates.
Thanks in advance