Removing brother's name from flat ownership
Sir , I had purchased a flat in 2009 in navi Mumbai on loan from a bank. I am primary applicant and my brother is co applicant. We had made a registered sale deed with builder in both of our names jointly. Now , we wish to transfer my brother's share in the flat (non ancestral) to my name alone through a registered document. This would be done without any payout to my brother in natural love. I meet the renewed eligibility criteria of the bank. The bank needs registered document showing relinquishing of share and notarised application. 1. Which of the deeds is cheaper option in terms of stamp duty, lbt and registration fees : gift deed , release , relinquishment deed , will, power of attorney or indemnity bond etc. Please advise also with respect to tax /capital gains implication. Assuming ready reckoner rate of 40 lacs. 2. Also , hon. revenue Minister Shri khadse of Maharashtra state had announced last year that any transfer within family can be done on Rs 200 stamp paper. Is it implemented or it's GR published or anticipated in near future ? 3. Can a simple undertaking or release deed on Rs 200 stamp paper be done, registered and considered a valid document of title?
Kind Regards ,