My mother has ,by a Settlement Deed in 2012 ,given an Apartment in Chennai to my brother and myself as equal owners,retaining life time revenue interest. She is therefore enjoying the revenue from the property and paying the applicable income tax till date. She is 90 years old .
My brother wants to settle his part of the Aparment to me ,as he is an Amercian citizen and well settled there .He is 66 years old ,married to an American lady and wants to legally give up his right in this property to me his elder brother .
Which is the best and cheapest way to do this. Gift Deed or Release Deed ?
In either case what are the procedures necessary and could we get a draft deed ?
Thank you !
