Gift of Self Acquired Property to Brother (Sibling)
I own a plot in Bangalore and would like to gift a share of it to my younger brother. The plan is to jointly construct a house on the plot, using my PF Accrual and capital gains obtained by my brother through sale of his own plot(Tax Saving Purpose). a)Should the gift be 50% of area / undivided 50% share of the plot and future building too? b)If i gift entire extent of plot, will i be able to contribute my PF Accrual for construction on the gifted property? c)Which of the above options are the best options legally? d)Can we put in a clause, to claim back the property if there are no legal heirs for myself or my brother? In that case, should we mention the gifted property alone or the developed area that might come up on the property?
As brothers by birth, we both will go well together till our lifetime. But, to avoid any future implications, Please advise.
If i could get a Gift Deed format for Joint Tenancy, in view of the above queries that i have, it would be more than helpful.