Your father should execute a relinquishment deed in favour of other brothers with respect to ancestral property and your fathers brother should execute relinquishment Deed with respect to plot in favour of your father. They can also enter into family settlement deed but it's better to make a relinquishment deed and get it duly registered.

If you want to become owner in property your father can gift you portion of property or can write a will in your favour.

Ensure that all legal heirs affix their signatures in the respective deeds to avoid future litigation.

Deed of family settlement can be executed wherein your father relinquishes his share in ancestral property and his brothers relinquish their share in plot

2) in alternative deed of relinquishment can be executed wherein your father relinquish his share in ancestral property

3) similarly brothers can execute deed of relinquishment to relinquish share in plot

4) your father can execute gift deed to transfer 50per cent share in ancestral property in your name

1. The two uncles can gift their 1/3 share each in the plot to your father. So your father becomes absolute owner - 1/3 + 2/3 = 1

2. Your father can gift his 1/3 share in ancestral house to your two uncles. So the 2 uncles will have 1/2 share each.

3. Stamp duty on gift deed between relatives is only 2%

4. So gift is best option

5. Your uncles can gift their respective 1/3 share in the plot jointly in favour of your father and you in one gift deed itself. So your father will hold 1/3 + 1/3 = 2/3 share and you will hold balance 1/3 share.

6. If you want the holding between you and your father to be 50-50, then one uncle can gift 16. 7% share to your dad (so his share becomes 33 + 17 = 50%) and balance 16.33% plus 33% of second uncle can be gifted to u.

6. Alternatively the uncles can gift first to your father and then your father can gift his half share to you by a separate gift deed. But you wont be able to avail nominal stamp duty of Rs 200 for gift between father and son, since that benefit is applicable only for residential and agricultural property

7. So instead of 2 separate gift deeds, one single gift deed can be signed by your uncles so that you and your dad will get 50% share each in plot

Your unlces as co owner having one third share each can execute relinquishment deed for their share in property

Relinquishment deed is valid for self acquired as well as ancestral property. Hence, it is definitely applicable.

Relinquishment deed is a legal document/instrument where a legal heir gives up or releases his legal rights in an inherited parental property for another legal heir such as his mother, son, daughter, brother, sister, etc.

The term relinquishment refers to the abandoning and surrender of the rights, title, and interest, by one co-owner of property for the other co-owners. The consequences of relinquishment of one co-owner’s share in property are the enlargement of the shares of the other co-owners.

The relinquishment of property can only be done by someone who has a share in the property. In case there is more than one owner in a property, either of the co-owners can do relinquishment. For a valid relinquishment, the essentials of a valid contract are to be followed other than the compensation.

As such relinquishment deed is applicable to your case.

See in my view for both your question 1 and 2 gift deed is best option as the stamp duty on gift in Maharashtra is less then relinquishment deed as stamp duty on relinquishment deed is equal to sale deed.

So your father can make gift to uncle wherin uncles can gift share to you in this way it is best possible option for both questions.

Further a exchange deed can also be prepared and registered in single deed both the properties can be exchanged.

Also your consent for transaction of ancestral property is also required.

1) For ancestral property relinquish deed will be applicable.

2) For self owned property gift deed will be applicable.

3) You can insert name after all these transcations.

1. Release deed is between co-owners

2. Release can be of share either in ancestral or self acquired property held jointly

3. For stamp duty purpose, if release is of ancestral property between brothers, the stamp duty on release deed is only Rs 200 (article 52 of Bombay stamp act)

4. So in your case, for self acquired plot, gift deed can be executed for which stamp duty is 2%

5. For ancestral house, release deed can be executed between brothers for which stamp duty is Rs 200

6. After your father becomes absolute owner of plot, he can gift his 50% share in plot in your name, for which stamp duty is Rs 200

7. My response above stands amended accordingly

1. What is the best way to make this transaction ? release deed + gift deed or pay stamp duty ? any other options ?

Yes, your father can execute a registered release deed relinquishing his rights in the ancestral property and in turn his brothers fan execute a registered gift deed in his for with regard to their share in the plots.

In Maharashtra there are no stamp duty payable for the transfer of immovable property within the blood relatives.

This would make the ownership in respective names complete.

2. Can I become a joint owner of this piece of land with my father after transaction ?

No, until your father makes a registered gift or settlement deed in your favor you cannot become a owner of this property.

Relinquishment deed : I was told that relinquishment deed is valid only for ancestral property. Since plot is not an ancestral property would this deed applicable ?

In respect of plot, only a registered gift deed shall be applicable besides a registered sale deed.

1. ALL the interested Parties may execute a duly Stamp Duty paid Registered FAMILY SETTLEMENT DEED, inputting strategic clauses. This would be legally sufficient for any and all purposes, for future.

2. One of the clauses would be giving up the perpetual rights on the ancestral proper by a person in favour of another person/s, with /or without monetary consideration or exchange of property.

Keep Smiling .... Hemant Agarwal

1. What is the best way to make this transaction ? release deed + gift deed or pay stamp duty ? any other options ?

Answer: This sound like the prefect option for you at the moment;

2. Can I become a joint owner of this piece of land with my father after transaction ?

Answer: After your father becomes the whole and sole owner, he can transfer part of the share with you;

Or you can do it in the beginning itself;

Any other aspects that we need to be aware of so that I will not have trouble in future?

Answer: Engage services of a lawyer and do title search of the property so that there are no confusions in the future;

Relinquishment deed : I was told that relinquishment deed is valid only for ancestral property. Since plot is not an ancestral property would this deed applicable ?

Answer: Deed of Relinquishment is applicable for even a flat, it will be valid for all kinds of properties.

Any legal way and effective transfer by release deed, gift deed etc Wil encounter you the stamp duty and registration.