There are five legal heir to a person who expired intestate. One of the heirs desires to relinquish her share in favour of others i.e. does not want any share in a particular property. Rest of the members divide this four storey building amongst them floorwise.
Now one brother wants to transfer/ sell/ relinquish his share in favour of other brother for Rs 20 Lacs.
What is the best process to do this without any taxes/ stamp duty etc. All heirs are close blood relation (Brother sisters & mother)
Is it necessary to divide all the properties in one go or family settlement can be done for this single four storey building?
A registered family settlement does not in any way subsitute the legal mandate of having to execute the gift/ relinquishment deeds as per law. It can at max restrain or estop the other person from claiming any right over the said property in the future. Hence there is no proper way to bypass the stamo duty involved in the RD/GD.