Need a direction to transfer flat from elder brother to younger brother.

Keval Desai (Querist) 18 August 2014 This query is : Resolved
Hi, I am younger brother and I need direction to transfer flat to my name. I will first share some details regarding the said flat.

1) My flat was in the name of my elder brother and my mother when it was purchased 10 years ago. (as loan was taken on my brothers name)

2) My mother died few years back and her share was transferred to me and my fathers name.

3)So now we have 3 names (my brothers first, second my fathers and third mines) in share certificate.

4)old flat went under reconstruction and new agreement was done with builder/developer which contains name of all three of us. (loan taken was entirely paid by me as flat was going for redevelopment).

5)We got the possession of the redeveloped flat and society also issued allotment letter in name of all three of us.

6)Currently no loan is availed on this flat.

Now the question is that my father wants to transfer this flat to my name in exchange of other property which will be given to my elder brother.

Please let me know what needs to be done in this case so that entire propriety related to this flat stays with me and my elder brother or his dependents (wife/kids) do not have any claims on this said flat.

I am really confused and any help will be really appreciated.

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Kumar Doab (Expert) 18 August 2014
The father and elder brother may sign transfer/relinquishment/gift/sale deed in your favor.

Thereafter the in society records update the full share in your name and nominate anyone you choose.

Advocate Bhartesh goyal (Expert) 18 August 2014
I endorse the views expressed by shri Doab.

Keval Desai (Querist) 18 August 2014
Thanks both of you for quick reply. I really appreciate your help. However, I have one more query.

Could you please help me with the charges on each of this such as any stamp duty to be paid or any document need to be registered and approximate cost involved in it. FYI the said flat is 2BHK in Kandivali (west) Mumbai-67.

1) transfer - charges?
2) relinquishment - charges?
3) gift - charges?
4) sale deed - charges?

I will opt for the least expensive option.

Thank you once again.

malipeddi jaggarao (Expert) 19 August 2014
I endorse the reply of Expert Shri Kumar Doab. Regarding your further query for charges, the transfer of shares by your father and brother can be either by relinquishment deed, gift deed or sale deed. Gift deed attracts less stamp duty. Sale Deed attracts more stamp duty. Gift deed is the best option. For exact charges, enquire with the concerned sub-registrar's office.