Father property to Son
Hi Property Experts,
Myself is Amar Kumar working in IT and settled in Pune (Maharashtra) and I am an elder Son of my father and my father is having self acquired property and we are 5 child s ( 3 married Sisters and 2 married Sons). My father is having property in Karnataka , 1 Home (building of 3 floors, worth 40 lakh) and a N/A Land (of worth 10 lakh) and he is retired bank employee.
My Younger brother is not willing to work or do job and want to earn money and hence he is forcing/requesting my father to divide property so that he can enjoy the life with that money or willing to do some business with that.But my father is not willing to sell his Home (due to the memories he is having in it).
My question is
1)How can the property gets divided between 2 sons, is it required to sell a Home and divide money between 2 sons or without selling is it possible to divide property like floor wise division ?
2) As my father is not willing to sell Home, can I give the half of the market price of my father's Home to my Younger brother (i.e is it ok if I give 20 lakh to brother) and transfer the home on my name as part of the property division. If yes then what is the procedure , complications or whether my Yonger brother can come back in future and create a problem.
Please reply to firstname.lastname@example.org
Thanks & Regards