Transfer of property to legal heir

In your situation the clause "Joint Tenancy with Rights of Survivorship"  may not be invoked because the property belonged to your late father and he is reported to have died inetstate.

Therefore the property shall devolve on all legal heirs of the deceased as per the provision of the personal law of the deceased.

If all other legal heir are willing to transfer their rights in your favor or on both you and your another brother's name, then they may have to execute a registered release  deed relinquishing their rights in the property.

Accordingly the property shall devolve equally on both of your names.

You cannot impose your option as stated, this is not a property purchased by both of you to incorporate your ideas in the registered sale deed, instead this is an in herited property hence no such recitals can be made in the release deed.

Isn't release deed executed only for ancestral property or it can for inheritance property also? Just executing a registered release deed in my name ( I be the releasee and other heirs, my mother and brothers being the releasors) makes me the owner? How much is the applicable stamp duty?

The release deed can be executed by cosharers/legal heirs inheriting the property along with other legal heirs.

Does the releasee become the owner? Can he/sell or gift the property? If the releasee can gift the property, can my mother be the releasee and then it is jointly gifted to me and my brother.

If myself and my brother are the releasee, would we have to execute the process of release deed on the death of anyone of us?

The releasee shall become the owner of the property if all the legal heirs release their rights to one of the legal heirs (releasee).  It is not necessary to execute the process of release deed on the death of any one of you and your brother, if your mother releases her rights over the property to you and your brother, with the condition that if any brother dies before receiving their share, it shall go to the other brother, but not to others.

Sir I am little confused. As mentioned in the OP we are 4 members, my mother and we 3 brothers. If my mother and 2nd brother release their rights to me and my eldest brother, we both become the joint owners of the property.

After becoming the owners in case of death of my eldest brother do I become the sole owner or in case of my death my eldest brother becomes the sole owner automatically without re executing any release deed process? Just death certificate is enough?

If one brother has died, then how can it be possible to execute a release deed? His share will devolve among all his legal heirs, but you will not only become the owner.

"If one brother has died how can it be possible to execute a release deed?"

Mother and second brother and either the eldest or youngest (joint releasee) are still alive.

"His share will devolve among all his legal heirs"

The releasee, eldest and youngest brother were never married so who is the legal heir of the brother that died?

Does the remaining alive releasee automatically become the sole owner or again he needs to execute release deed from the mother and second brother?

The querist, I am afraid, is speculating too much.

In the current scenerio, the property is jointly vested with the mother and the sons. The release deed, as proposed, could be executed in favour one or more of the legal heirs.

It is too speculative as to the future events, which are bound to be fluid and uncertain.

I need to know because if after the death of either of the releasee the survivor is not the sole owner and has to go through same process again then it's better I be the sole releasee.

Your wishes are beyond the purview of  legal opinion/advice.

I don't think I am the first one in the country who has been a joint releasee and there has been a death of one of the releasee. It's a different thing if you are not well versed the legal laws that makes you feel my question is beyond the purview of legal opinion/advice.