I own a flat in jointly with my brother. I live abroad and I don't need the property. I want to gift it to my brother.
A) what are the tax implications for my brother and me. My brother lives in the flat.
B) what paper should I submit and where to make the gift legal.

Please answer a few questions so we can provide some guidance:

1. What country is the flat located in?
2. What country do you live in?
3. What is the approximate market value of the flat?

Also, if OP actually owns a 1/2 undivided interest in the flat (what is generally called "in common" ownership in the U.S.) such a gift would probably be 1/2 as valuable as would be a gift of the entire property.

[QUOTE=ebaines;3338696]Please answer a few questions so we can provide some guidance:

1. What country is the flat located in?
2. What country do you live in?
3. What is the approximate market value of the flat?

The flat is Iain Hyderabad, India.
I live in Canada. The value of the property is around Rs 30,00,000