Dear Sir,
I and my brother hold a mhada flat in mumbai, which I bought with my money (means i have paid all installments as co applicant and loan is cleared now). My name comes second and my brother name comes first in all the documents (allotment letter & possession letter).Now, my brother wants his name to removed from the property so that in the future I should not have any problem. I have the following questions regarding how to go about getting this thing done?
1) Does he need to make a Gift deed or Release Deed? If it either of the two, can you provide me with the template for the same.
2) Does this deed needs to be registered and any stamp duty needs to be paid for the same? If stamp duty has to be paid, then what is the % that needs to be paid. What documents are needed for registration?
3) Is there any other alternative cheaper way of getting this done by way of Will etc.
I appreciate your help in this matter.
Best Regards,
Narendra
