Legal procedure for exchange of inherited property between brothers

My brother and I have properties that we inherited. We would like to exchange them for convenience and management. What is the best way to us to do this while minimizing taxes. Can we gift each other the properties?

Answers (3)

122 votes

Dear Sir,
As you have not mentioned your gender identity, it is little unspecific reply as it differs with your gender. If I suppose you both are brothers to whom the property has been inherited from your ancestors, and you both have registered deeds of the said properties, then you may exchange your properties mutually.
for this also there is a little requirement like both of you must agree for this transaction, and again registry for exchange has to be done with the local Registrar. In our country, exchange is also a legal mode of transfer of property. Some sections of registration act also would need to be satisfied. Its an easy process.
Thankyou for the query.

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184 votes

You can execute transfer deeds in favour of the other parties and/ or relinquishment deed for your properties in favour of the other. Except however, I would like to understand the nature of the property, is it self earned or ancestral. That may make a difference.

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204 votes

Firstly, i want to inform you that an inherited property cannot be gifted unless and until it has been transferred in your name and you have a legal ownership of that property, therefore, please mention in your query that the property you have inherited is in your name or not. Because mere possession of a property does not make you a legal owner, a proper transfer is must. But even if you want to sell or gift it to someone in a legal manner you first need to make it legally yours.

Secondly , if the property you have inherited is a coparcenary property then also you can dispose of your undivided interest in the property through a will or other testamentary disposition but you cannot make a gift of such interest without the consent of other coparceners.

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