Hemanth K A (AA) 25 September 2010

Exchange of Property Rights

Dear Lawyers,

I have below situation and I am based in Bangalore.

Cas1: We have a self acquired house in the name of myself and my brother.

Case2: Recently, we bought a site in the name of myself and my wife.

Now, we want to give our site to my brother for his house construction and my brother wants to give up his rights in the existing house.

What are ways we can exchange/transfer rights in favor of others with less possible money spent on stamp duty.
Please advice.

Regards,
Hemanth

Adv Archana Deshmukh (Practicing Advocate) 25 September 2010

You and your wife can execute a deed of exchange with your brother for his share in the house for your site.

Other way is your brother execute a release deed in respect of his share in the house and you execute a gift deed of the site in his favour.

suresh (Advocate) 27 September 2010

Dear Mr.Hemanth,

your brother can release his rights in the property by executing relinquishmet deed in favour of you.

for your second case, first your wife should exeucte release deed infavour of you, thereafter you can exeucte gift deed in favour of your brother.

I think in this way you may spent less money on the stamp duty.

If you need any assitance in this matter i can help you.