Clarification on transfer of sole ownership in brother's name

Hello I am planning to buy a property in Mumbai, India jointly with my brother. I am including my brother in the agreement since he is getting a big discount on the property since he works in the same company. All the payment for the property cost will be done by me. I wanted to check if there is a way after the registration is completed to transfer the property completely in my name - Can it be done by creating a power of attorney by my brother on my name to have exclusive rights to sell or make any decision related to the property? Thanks in advance!

Answers (1)

167 votes

Dear Client,

What discount your brother is getting? just for discount why are you complicating the things. Better take the property on your name, if required, give POA to your brother who can buy on your behalf.

Further , even if you buy property jointly on your and your brother name, tomorrow for transferring the same, stamp duty of around 30% of the market value will be attracted. Think and decide.

Expert Jurist LLP

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