1.  You, Brother & Sister are "Joint Title Owners" of the un-divided property, in EQUAL proportions, without any legal exceptions, whatsoever. Such inherited Property is now classified as "Self-Acquired" at the hands of the recipient.

2. Since such Property is a Joint-Property, it CANNOT be Sold /Gifted /Donated /Willed /Mortgaged /Whatever ...., without FIRST conducting registered Partition Deed proceedings .OR. Partition Suit in the Local Civil Court .OR. buyout of other's share via a "Settlement Deed".

You are joint tenants and not tenants in common. 

Therefore all of you are free to transfer your respective share to any person of their choice. 

If you disclose your dispute then we can advise further. 

It would be regarded as tenancy in common 

both have equal share in property 

You can distribute the tenancy in the common into 1/3rd share. If you want a specific property share and that tenancy then you all can go for partition suit and later can have specific property on your name.

After the death of father his legal heirs  become absolute owners of the property by way of succession. So all of you are considered as joint owners of the property. When your brother relinquish his right over the property infavour of his siblings then they are the absolute owners of that share in the property. all three  of you are considered as joint owners of the property.  . 

Dear Sir,

You all have all the rights to hold the property by way of tenants in common or as joint tenants and joint owners as er your wish. 

1.  You,  your brother and sister were holding joint tenancy with your other brother at the time of inheriting your father's self acquired property on the intestate death of your father, 

2.  However, since one of your brothers has released his share in favour of the remaining 3 legal heirs by accepting the consideration, the tenancy is converted to Tenancy in common.

3.  Is your mother alive?.

Joint Tenants. 

Nothing. His right in the property is transferred after executing release deed.

He has left nothing in the property.

As per law, if one of the shareholders has relinquished his rights in the inherited property, then his share of proeprty shall devolve on other legal heirs or shareholders equally.

The status of each shareholder will not alter, however the shareholders can now divide the property into three equal shares instead of earlier situation of four equal shares.

Tenancy in common is an arrangement where two or more people share ownership rights in a property or parcel of land. ... Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate.

The property may be commercial or residential. When a tenant in common dies, the property passes to that tenant's estate. Each independent owner may control an equal or different percentage of the total property. Also, the tenancy in common partner has the right to leave their share of the property to any beneficiary as a portion of their estate. Contract terms for tenants in common are detailed in the deed, title, or other legally binding property ownership documents.

Although they sound similar, tenancy in common differs in several ways from a joint tenancy. In a joint tenancy, tenants obtain equal shares of a property with the same deed at the same time.

One of the primary differences comes with the addition or removal of any member from the agreement. In TIC agreements the change in members does not break the agreement. With a joint tenancy, the agreement is broken if any of the members wish to sell their interest.

Hence you do not worry about the technical issues like joint tenancy or tenancy in common.

The rights in the property was explained in the first paragraph above, thus without breaking yor head on good for nothing issues, you may proceed with the desired amicable partition among yourselves, which should be equal to all the three in all the aspects.

- Yes, you hold the property by way of joint tenants ownership . 

- You can enter into an partition deed for diving the property , however every joint owner is having his respective right to sell and transfer the property even in joint ownership. 

You will hold the properties under clear title of owner 

as Joint Tenants.. 

You all are co owners of the property. But there is a catch. This is a property held by siblings. They will have a share if you are not alive and you don't have any heirs ie family.

It's co-ownership for ownership property and co tenancy in tenanted property

it is tenants in common and NOT joint tenants

see section 19 of Hindu Succession Act

The ownership of property is joint tenant or joint ownership of property and any of you can sell their share without consent of other joint owners.

Joint tenants.

On demise of joint owner his share would devolve on his legal heirs as per provisions of Hindu succession act 

Legal heirship on property Ancestral and Self acquired differs from law of tenancy. 

Legal heirs acquire rights of title and interest in ancestral and self acquired property of parents and grandparents parents. 

Law of tenancy doesn't recognize titles and interest upon legal heirs but transfer right of possession by way of transfer of license. 

Legal heirs of tenants have right of possession in the property held by landlord under the Rent Act.

The property would definitely devolve on surviving members on survivorship. The issues of intestacy rules does not arise as Hindu Succession Act 1956 with Transfer of Property Act are different on Ancestral Property and Self acquired property of parents and grandparents from that of tenanted property. 

If any  joint owner dies intestate then the share of the deceased shall devolve on the successors in interest of the deceased and not on the surviving joint owner. 

If it's co-ownership and with will then as per will. Otherwise equally to legal heirs of dead person. 

it will be tenants in common

it cannot be joint tenancy

the legal heirs of deceased owner become co-owners and hold the property as tenants in common

if any legal heir dies, then his share will devolve on his legal heirs and not on the surviving coparcenors

Property will dissolve in surviving members 

If one of tenants-in-common dies, the share devolves on legal heirs. 

This is T I C as none of the owners may claim a specific area of the property. Intestate succession. .

- As per Section 8 of the Hindu Succession Act, , if one died intestate, then the joint family property has to be divided in accordance with rules of intestacy and not survivorship. 

The property will go to the surviving shareholders equally.

Rules of inheritance.