• Rules regarding gifting of property

Myself, my father Manohar and my elder brother Milind purchased a flat in Kalyan in 1992. I had  put in the maximum amount of funds but the property was taken in name of my father and brother.

During these years it was vacant. My  younger brother Mahesh then moved in  the flat in year 2003 and is staying with his wife till date.

Now I need money to buy a house of my own so we jointly (excluding Mahesh) decided that the amount that will fetched by selling the same will accrue to me, so i used the services of a lawyer to draft a  gift deed so that my father and Milind will gift the property to me and then I will sell it.

Now there is objection to this by younger brother (Mahesh) as he will not have a house in Mumbai. But my father is willing to give him another house in our village in Sholapur which is not acceptable to him.

My elder brother is not having any issue with the money coming to me as i had financially helped him to buy another house in Thane in 1992 (again this house is entirely in his name only). He is fearing that he may fall in trouble if he gifts the flat to me has my younger brother may later file a suit against him.I have tried to convince him but he needs more proof that gifting the Kalyan flat  to me will not put him in problem (from younger brother Mahesh) later on.

I need the following advice:

1) Where/what are the rules on gifting property purchase jointly (not ancestral)?

2) Is it necessary that other brothers are required to be witness to this self-purchased property being gifted OR can any third person be a witness?