1) probate of will is not mandatory

2)it is mandatory only In Bombay , Calcutta , madras 

3) on brother demise your sisters have no share in flat . 

4) further there is no limitation for applying for probate of will 

5) it can be done even now . your sisters can file consent affidavit 

6) on brother demise his share would devolve on his wife . your sisters have no share in flat 

7) your sister in law can execute sale deed for her 50 per cent share in flat 

8) it should be duly stamped and registered 

9) shop can be gifted by sister in law to your sisters 

10) as far as tax liability is concerned consult a local CA 

in alternative deed of family settlement can be executed between family members 

stamp duty is state subject and varies from state to state 

Yes you need to pay separate stamp duty later during transfer. Ideal way was to execute registered partition deed between yourselves.

After the Husband's death- The property of the deceased is proportionately distributed among the Widow of the deceased .

Sisters cannot have rights to claim share in decease brother property. 

Try to settle dispute amicably through an mediator,  family settlement can be executed between your sister in law and between your sisters. 

Please read the below response very carefully:

1. your father had left a Will of his house by which you and your brother were given 1/2 share each in the flat

2. as the Will was made in Mumbai, it is compulsorily required to be probated by filing a probate petition

3. without the probated Will, the flat cannot be transferred to your name, by any of the modes described by you in your query

4. probate is mandatory as per s.57 of Indian Succession Act as applicable to Wills of Hindus executed in Mumbai or pertaining to properties lying within jurisdiction of Bombay High Court

5. mere entry of your and your late brother's name in the share certificate attached to the bequeathed flat confers NO ownership title on you or your brother

6. for conferment of a valid and legal ownership title on you, you will need a registered title document in your name

7. this registered title document can only be obtained by filing the probate petition

8. in the probate petition, the consents given by your sisters as to the genuineness of the Will, will be considered as their consent affidavits to be attached to the petition,thereby consenting that they have no objection if probate is granted to you, being the applicant/petitioner

9. in probate petition, the consent affidavits of all legal heirs of the deceased are required to be attached. Since your brother died after your father, your brother's legal heirs i.e. his wife becomes entitled to the half share in the flat bequeathed to your late brother in your father's Will. So her consent affidavit will also be needed. Since she is agreeable to give up her claim on the 1/2 share in the flat to you against consideration, I do not see any reason why she would refuse to give such a consent affidavit, as informed by you in your earlier query on the same subject. If there is any apprehension in her mind, then a MOU can always be executed with her where binding arrangements can be agreed between you and her for release of her right in the flat to you, by accepting some token on signing of MOU and balance at a later time 

10. once the probate petition goes through, you will be granted the probate using which you can then execute transfer deed in the capacity of an executor/administrator in favour of the beneficiaries named in the Will of your late father

11. so a transfer deed will be executed whereby you will be the transferor (in capacity of executor/administrator) and you will also be the transferee (in your individual capacity) and your sister in law and your 4 sisters will be the confirming parties. By this transfer deed the entire flat will be transferred in your favour. Upon due registration of this transfer deed, your title to the flat will stand completed [and not by any of the modes described by you in your query]

12. now coming to stamp duty on the above transfer deed. There will be nominal stamp duty of Rs. 200/- for transfer of your half share to yourself. Whereas for transfer of the other half share for which you would have agreed to pay certain sum to your sister in law under the aforesaid MOU, stamp duty will have to be paid on the market value of that half share 

13. if your sister in law or you wish to avoid payment of above stamp duty, the transfer deed can be executed in your favour and your sister in law's favour separately on nominal stamp paper of Rs. 200 and both can be registered

14. thereafter your sister in law can make a gift deed of the half share to you which attracts concessional stamp duty of 3% as opposed to 5% on market value of half share

15. the consideration to be paid to your sister in law by you can be routed. You can make a gift of the cash sum to one of your sisters or to each one of them and they in turn can pay that money to your sister in law for transferring the shop in their names. If any excess has to be paid, that will have to be borne by your sisters. Ofcourse stamp duty will be payable on this transaction. The excess payable by your sisters to your sister in law can be adjusted against the cash sum left by your brother and only balance would required to be transferred by your sister in law to your sisters. 

16. please take note that even though the Will is not probated, your late brother is entitled to his half share bequeathed to him by the Will. On his demise, his share devolves on his wife. So your sister in law is entitled to half share legally and NOT 1/6th as contended by you. If there is a testamentary writing like a Will, then distribution as per intestate succession is excluded. The wishes of the testator must be given effect to. By your dad's Will, he did not desire to give any share in his flat to his daughters. So they stand excluded. Even your sisters have accepted the Will as genuine. So now they cannot back out. Thus your sister in law is entitled to half share even if the Will is not probated. Her entitlement gets crystallised when the Will is probated and transfer deed for the half share is executed and registered in her name. Just because the Will is not probated, does not mean that her right has gone away. Her right subsists. 

17. when your sister in law makes a gift of her half share in the flat to you, neither the donee nor donor incur any income tax or capital gains tax liability. Capital gains tax arise only when consideration is passing between the parties. 

18. also for transferring the shop to your sisters by your sister in law, the shop has to first be transferred to the name of your sister in law by taking out a letter of administration. Or once such LA is obtained, the shop can be directly transferred to your sisters by your sister in law (in her capacity as administrator) with permission of the court 

NONE OF THE TRANSFERS LIKE SALE DEED OR GIFT DEED OR FAMILY ARRANGEMENT AS DESIRED BY YOU WILL TAKE EFFECT WITHOUT PROBATE OF YOUR FATHER'S WILL AND WITHOUT OBTAINING LA FOR YOUR LATE BROTHER'S ESTATES

KINDLY CONSULT A COMPETENT LAWYER FOR PROPER ESTATE PLANNING INSTEAD OF DEVISING STRATEGIES WHICH DO NOT CONFIRM WITH THE PREVALENT LAW

For relinquishment of your rights in the  immovable and the movable properties you need not have to pay any capital gains tax because you have not gained any profits out of it.

As a matter of fact the properties are exchanged among the family members by a family arrangement and relinquishment deeds, hence the question of getting profits out of them do not arise, hence you may not have to pay any income tax also other than for the properties you may sell to third person.

Your sister in law and others can execute a registered release deed relinquishing their rights ion the property in your favor after which you will become an absolute owner, for this you need not use Will or its probate or NOC by others.

It is suggested that the family arrangement may conclude with the gift deed alone and not sale deed to avoid the capital gains tax.

I have already advised you to consult a CA for computation of capital gains on relinquishment of share in property 

Release without consideration = gift

So no capital gains tax

Release with consideration attracts capital gains tax as consideration in terms of money is passing between the parties

toy can pay sister in law x amount to relinquish her share in property 

2) consideration amount can be mentioned in relinquishment deed 

3) family arrangement won’t effectuate title to property 

4) separate documentation would be required to transfer flat and shop in respective names 

Sister in law relinquishes her share for consideration mentioned in the deed 

2) it need not be one sixth the amount 

3)once registered relinquishment deed is executed she has no share in property 

4) family arrangement can be entered into to bring out amicable settlement among family members 

1. Releasing without consideration is nothing but a gift. Releasing against money is not a gift

2. Since Will is there, the sisters releasing their shares does not have any effect. Its a useless document. Moreso when sisters have accepted the Will

3. You can pay your sister in law as described in my earlier response

4. If you have various transactions in one document like a family arrangement, who will retain the original? Practical problem!

5. Sister in law is only legal heir of your late brother. So she becomes entitled to the shop. The partnership no longer remains after your brother's demise. Partnership is two or more persons. After brother's death, only one partner remains who becomes sole proprietor. So SIL can transfer shop

6. If anytime in future the Will is brought to surface then all your family arrangements go down the drain. Wishes of testator are supreme. They cannot be overturned by any family arrangements 

You seriously need to sit with a good lawyer and plan out the transfers. 

Yes release deed too attracts stamp duty and registration. You cant save it through any form of transfer except will

In my opinion, the relinquishment deed do not fetch you any benefits from the transfer until there was any consideration passed between the person who released and the beneficiary.

Therefore there is no question of any capital gains hence no tax payable.

You may instead ask your own auditor in the local about this and proceed.

If the property is distributed among the legal heirs or the successors in interest on mutually agreed conditions, it clearly states that the person who is getting money in lieu of physical property a compensatory amount, the same shall not be treated as capital gain in his/her hands.

The family arrangement by a registered deed may not attract the capital gains subject.

However you may discuss at length with your own local auditor on all such further issues.