Rights and share of my brother in my property
24-Feb-2023 (In Property Law)
We are brothers aged 39yrs and 37yrs and both of us are married. We (co-owned) jointly bought a property in 2004 in mumbai (14 years ago) wherein my brother got the loan from his company for 70% of cost of property and rest amount invested was my savings. The EMI’s for the property loan taken by my brother are being paid by me and from my bank account since the beginning to till date. Now my brother and i have mutually decided that i should be owning the Mumbai property fully. What is the steps/ process involved? Also want to know In case of death of any one of us, what happens? Will the other alive brother become the sole owner or Will the deceased brother’s wife/ kids will have equal rights (50%) on property? Considering the fact that there was nothing mentioned specifically about the ownership transfer or rights during the documentation of the property i would like to know what are the default laws that apply to my case?
Dear Client,
Your brother can make a Gift Deed in your favour, the stamp duty will be 2% +1% LBT and 1% registration fees, that will be the most economical thing to do.
In case of death of either of you, the legal heirs of the deceased become entitled to half share in the said property and the surviving person is entitled to half share in the property. even if nothing is mentioned in the deed, the presumption is each hold equal share in the property unless specifically mentioned otherwise.
Your brother can make a Gift Deed in your favour, the stamp duty will be 2% +1% LBT and 1% registration fees, that will be the most economical thing to do.
In case of death of either of you, the legal heirs of the deceased become entitled to half share in the said property and the surviving person is entitled to half share in the property. even if nothing is mentioned in the deed, the presumption is each hold equal share in the property unless specifically mentioned otherwise.
It will be proper if you take paid consultancy to compensate the lawyer's stock-in-trade required to advise you. The fact you had mentioned it is not practically possible to give legal solution to ur problem.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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