Family settlement

Novice Tax Expert (Business Professional) (60 Points)

30 October 2010  

Dear Friends, 

We are undergoing a family settlement between 3 brothers (say B1,B2,B3) by way of gifting the assets (property and bank balance) to each other. Specifically, there are 2 properties (say P1, P2) and some money as bank balance (say M) . 

The transactions are:

P1 currently in the name of B1 goes to B2.

P2 currently in the joint name of B2 and B3 goes to B3.

The money M cash currently with B2 goes to B1.

Is this correct? What tax liabilities are expected to arise in such a scenario? Is it necessary to execute Gift Deeds in addition to a Family Settlement Deed in the above scenario?
 
Thanks