Can a brother transfer his share in father's property to his sibling

21-Apr-2023 (In Property Law)
Hello. My father holds a share in a housing co-operative society that has acquired a land from HIDCO Action Area 1 at New Town Rajarhat and constructing an apartment there. We are two brothers, my elder brother is willing to give up his share, so he will not have any rights after demise of my father on the property being constructed, in exchange of half of the current market valuation amount that we have already analyzed and agreed upon. I am taking care of all expenditures for the construction. I would like to understand how this agreement between two brothers and my father can be legalized through paper-works. Please suggest.
Answers (3)

Answer #1
893 votes
Sir, after reading your question in details, I would advice you to get a deed of settlement done between you, your brother and your father and get it registered. Please serve a copy of the deed upon the society for their record. Please call if you have further questions.
Answer #2
672 votes
Since your father is already then registered share holder of the co operative society, he can donate the property to you alone. For that the change of membership is the best way out. Your father and you can apply to the Additional Registrar of Cooperative Society and once the share is transferred you can do the formal registration of the property after payment of the stamp duty and registration cost. If such procedure is followed, there is no need of any agreement with the other brother. Plenty of my clients transferred their shares in such way. All the best. Regards
Answer #3
848 votes
there might be a deed through which the rights of another brother can be purchased and through it the remaining brother shall get the full right. in order to get an accurate suggestion it is advised to you to provide the information in details.

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