your question is not clear. Your father must be getting benefit of long term capital gain from the property purchased in 1994. isn't it? Your father can transfer the property to your brother via sale deed. As per the current income-tax rules, long-term capital gains on sale of a property held for three years, attracts 20 per cent tax. However if your father gifts the property to your brother, it would be outside the capital gain tax as it is not considered as transfer under Capital Gain of IT Act, whereas since if it is a Gift of immovable property , it must be registered and required Stamp Duty is to be paid.