I am gifting my share of property to my brother. my brother in return giving me some monetary compensation. how much tax i need to pay.

in the eyes of income tax, its not a gift if you receive consideration directly or indirectly, therefore you have to pay tax under the head capital gains

Make separate gift deeds.............not linking any in whatsoever manner............ both on different occassions......no tax liability to any one.

Otherwise capital gains as per circle rate........

if the amount is 50lacs how much tax i need to pay.

if the amount is 50lacs how much tax i need to pay as per capital gains.

 

As you are giving your property to your relative then stamp duty value will not matter(if stamp duty value is more than 50lac, as the diff will be considered as gift and gift to relative is tax free) so 50 lakhs - indexed cost of aquisition(if long term) - expenses while transfering - indexed cost of improvement = capital gain and tax is 20% of CG. You can also claim benifits under sec 54.

Hello Sir,
Me and my brother co-own two flats. One in Delhi and the other one in pune. My brother wants me to settle in pune , hence I am relinquishing my share in Delhi flat and he is relinquishing his share in pune flat. Since I am moving to another city he is gifting me 50lacs as gift. Hope it would not attract any income tax on my end. We will sing a MoU and will mention above that he is gifting me 50 lacs and will get it registered by way of gift deed.

Regards

1. Yes, whatever you have said is the correct approach. 
2. For house property in Delhi, you need to execute a gift deed that you are willing to give your share of property in favor of your brother and only with the help of such gift deed change the registration to your brother's name. This way registration of property in the name of your brother will go smooth. 
3. The same way your brother should execute in your favor. 
Please correct me if the above solution has an alternative view. 

Hello Sir, Me and my brother co-own two flats. One in Delhi and the other one in pune. My brother wants me to settle in pune , hence I am relinquishing my share in Delhi flat and he is relinquishing his share in pune flat. Since I am moving to another city he is gifting me 50lacs as gift. Hope it would not attract any income tax on my end. We will sing a MoU and will mention above that he is gifting me 50 lacs and will get it registered by way of gift deed. Regards