Dear Concerned,

This property technically have come to you brothers through inheritance, As your father passed away leaving behind this property - the best and cheapest way to get this entire share transferred to you is through a Registered Relinquishment Deed. YOUR brother in the Relinquishment deed relinquishes / gives his share to you out of love and accordingly only the registration of the deed would be paid and no stamp duty need to be paid.

Best of Luck

1. If you want to purchase his share in the property then he has to execute a registered sale deed in your favour. There can be no sale without consideration.

2. Settlement deed will also require payment of stamp duty.

Yes you can go for settlement of partition deed and then get it registered buy a civil suit in the Civil Court and later mutation.

you can transfer the property From your brother through registered gift deed.

If you are paying your brother market rate for his share in property better opt for sale deed . Mention circle rate of property in sale deed

2) don’t go in for gift deed to save stamp duty

1. To save the stamp duty it is advisable if you go for gift deed.

2. This stamp duty for gift deed between family members is minimum.

3. Stamp duty differs in every state and for your state you may contact local registration office.

4. Gift deed is far more better option than settlement deed.

Sir even on settlement deed if your are purchasing the stamp duty and registration shall cost you same as conveyance or sale deed so in case the consideration is paid the stamp duty has to be paid as in case of sale deed on the agreement amount.

So the property sale will attract the stamp duty at same rent even through a settlement deed. Further off the record if amount is paid in cash then gift deed without consideration can be made in gift deed there can be advantage of few percentage but that shall be risky as receipts of amount by brother and black transaction

So in my opinion make a proper sale deed only lay requisite duty to protect your right in future.

Before you sell his share, he needs to officially transfer his share, i.e, the 1st floor to you. This transfer can be effected under a settlement deed. and you are free to opt this route.

Hi

1) Since both the brothers are the claimants of the properties bequeathed to you by your father, the ideal options (in terms of savings in stamp duty and registration charges) would have been to

a) Execution of family partition deed or

b) Execution of a gift deed

2) However since you are planning to pay your brother the market rate for the property and that the words such as Partition,Settlement, Gift, Will and Trust have different legal meanings and connotations, the best legal option will be for both the brothers to execute a registered settlement deed conveyancing the whole of the building(ground and first floor) to you (younger brother) and with the elder brother receiving consideration in lieu of his share (first floor) of the property.

3) The Word Settlement also means that there are no further claims from any other legal heirs(including grand sons) and that the property is settled as absolute property once for all in your name and you alone will become the sole owner of the property. Even your children cannot claim it as ancestral property.

4) However at the time of assessment of stamp duty and registration fees, please ensure to obtain fair market value from sub-registrar office for both ground floor and first floor separately and you can choose to pay the stamp duty and registration fees based on the lowest market value of the property(either the ground or the first floor).

5) example: Assuming you are paying your brother Rs20Lakhs towards his share and fair market value of ground floor is 10 lakhs and first floor is only 5 lakhs , you are liable to pay stamp duty and registration charges for 5 lakhs only.

Hope this information is useful.

This is my response to you:

1. A family settlement deed sound perfect at this moment;

2. But another option is to execute and register a Gift Deed;

3. The Gift deed would be registered and would invite less stamp duty (since its your brother) and nominal registration fees;

4. Do the drafting from one of the lawyers so that there is no dispute in the future;

5. Also sign an indemnity bond, just to be on safe side.

1. IF Father has properly willed the property to the two brothers thru a proper registered will, THEN the brother can divide the property and have it mutated in the revenue records, based on the will.

2. IF one brother is willing to sell /gift /release his title-Ownership to his brother, THEN both of them can execute a Family Settlement Deed, which will ensure clear Title-Ownership in the Income Tax records and also will avoid any further litigations at the hands of childrens of the brothers.

Keep Smiling .... Hemant Agarwal

The settlement of property or even the registered release deed relinquishing his rights in the property would be cost effective method in terms of the stamp duty payable towards the registration of the proposed document.

Yes. Stamp duty on settlement deed would be 1% of the market value but not more than Rs. 10,000.