Hi,
I have a flat in mumbai with my brother we had taken it jointly as I wasnt eligible for a home loan then.Now I've repaid the entire home loan & its lease free.
My brother wants to trf his share of property & make me as a single Owner. I know that a relinquish deed / a transfer of rights is required.
What I would like to know is the procedure of doing each of this. I would also like to know whether will I have to pay tax. I know if this is gifted to me I'll have to pay gift tax for the amt of his share. We both are not interested as it doesnt make sense.
How do i have to go about this is what I need to know.
I would highly appreciate if anyone can help
Regards,
Pawan
