Settlement of HUF Property
My grand father bought a property in 1980 in mumbai and registered it as HUF for Tax benefit. He has two sons ,A and B and daughter C. Before his demise while drafting his will, he had taken consent of A and C and decided to transfer the property in the sole name of HUF of B and mentioned the same in his will.
Now post his demise as the flat being a HUF property we are unable to transfer the property /Share certificate of the Flat in the sole name of B.
We understand that we have an option to dissolve the HUF by executing a partition deed, however this will attract a Stamp duty. (What is the amount of stamp duty, registration and any other charge payable, we do not want to pay unnecessary heavy amount)
Please guide us on me a simple way in which we can get out of this HUF and transfer the property in the name of B. We want to add here that there is agreement of entire family. Can we enter into some family settlement or gift deed? As this will avoid the stamp duty payment.
The primary reason for this exercise is we would like to sell the current flat and buy a new one.