A flat was baught in Mumbai from sale/purchase of Mumbai houses that was initially received from Grandfather.
FATHER HAS 3 CHILDREN, a, b & c.
Said flat in Mumbai is owned by Father and Son b
Father wants to transfer all titles/ownership to son b.
Can you please explain:-
1) Should the transfer take place by way of
i) Gift Deed
ii) Release deed
iii) Relinquishment deed
iv) Any other legal document
2) If the flat is valued at say Rs.60 Lacs, what would be the applicable stamp duty, gift tax etc ?
3) Objective is so that no person nor their heirs could raise any claim towards the said property at any point in time
All suggestions and opinion would be highly appreciated.