Property

Dear Sir/Madam, My father aged around 80 years is having self occupied house property, the present market value (including land) of which is approximately Rs. 1 Crore. My mother is a housewife and I have a younger brother. Now my father wants to transfer rights of this house property to me, provided I make payment (or commitment to make payment) of my mother & brother’s share of Rs. 33 Lakhs each, to my mother and brother respectively. Presently all of us (except my brother) live in same House Property. As I do not have this much funds, I will only make part payment upfront and balance in monthly instalments over a period of 5 to 7 years period. In principle, my father, mother, myself and brother have agreed for this arrangement. Now we are in a dilemma, as to whether my father can transfer the rights on house property by way of a conditional will, gift, outright sale, family arrangement, multi party agreement or any other mode ? We would like to enter into agreement or some documentation now, so that, there is no dispute at a later date. Please suggest a feasible way out, with a view to minimise Stamp charges, Registration Charges, Income Tax liability for all the parties involved etc. Further, will I be able to avail ‘Home loan’, for the purpose of making payment of share of property to my mother and brother ? Am I eligible for Income Tax deduction/exemption on this Home Loan ? Can I claim the amount paid by me to my mother and brother as ‘Cost of Acquisition’ of house property, under Income Tax Act ? Regards, H K Rao, UDUPI