Legal Question in Real Estate Law in India
My brother and I are joint holders in an inhertitted flat in an apartment in Mumbai. If I have to buy out my brother's 50% share - how should I do it in order to keep the associated stamp & registration costs as low as possible?
Executing a Gift Deed is ruled out, due to certain unavoidable circumstances.
Would a Family Arrangement, which puts down the agreement, and the consideration be helpful? I've had mixed opinions here, with some people claiming that there is either no, or neglible stamp/registration expenses, while there are others who claim that such an arrangement is no different from a sale, and hence it would attract the same expenses as with a sale agreement.
Also, would capital gains tax be payable in such a case?
Would appreciate if someone could provide a firm opinion on this matter.
1 Answer from Attorneys
it is better you file a suit for succession in the court of competent jurisdiction and then your brother would relinquish his rights in your favour and you can get the complete ownership with the stamp of court.
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