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DSummary of the situation is my brother bought a house in Gurgaon by taking loan from the bank and the property is on his name. While the loan was running I joined him and paid 50% of the total cost incurred including registration and stamp duty fee he paid initially. And the loan was fully paid. We want to change the ownership from single person to co-joint ownership. But we want to avoid the high cost of ownership name change for both of us. From google i get to know two options-
1. Gift deed- that my brother can gift me 50% of property. Is there any loophole in it which could backfire me if me and my brother run into conflict in future? What about earning from tenant and tax implications of that earning? Will i have ownership legal rights like it happens in sale deed?
2. Sale deed- here if he sells me 50% of property at the same rate at which he bought then will we have to pay registration and stamp duty fees of full property value or just the 50%? Will it incur tax on my brother for the sale he made? Around how much money we have to pay in both cases and what are the pros and cons of both option?
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