My elder brother wants to transfer the property to me.

If your brother is owner of this land in revenue records and other records of government at that time your brother gift / sale this property to u and registration this deed at registrar office. Actual stamp duty and registration fee will be pay at the time of registration. 

Opation (1) is best for u, but u contact first your C.A (Chartered  Accounant) for that.

Dear Kiran,

your brohter can make a settlement deed in your favour  and with this deed you can get the property muted in your name( revenue record). The settement deed is deemed complete once you take possession of the property and the title deeds. Make sure you pay the requisite stamp duty fee as demanded by the state govt rules of your state

Thanks Bharatkumar,

Any idea how much we will be endup paying if my brother gift the land to me.

Thanks

Kiran