1. your father can make the gift deed in your favour without having to take consent of your siblings
2. as long as he is alive and owner of the property, he can do whatever he wishes with his property
3. you can have a gift deed prepared through a competent lawyer
4. currently the stamp duty for gift by father to son is only Rs. 200/- (though 500/- is mostly paid)
5. the gift deed has to be registered with the Sub-Registrar. The registration charges are also nominal
6. your father can sign the gift deed at your house only in front of 2 witnesses
7. the gift deed can then be registered by you with the registration office using a special power of attorney of your father
8. the special power of attorney will contain the power to complete all the registration formalities of gift deed on behalf of your father
9. this power of attorney has to be stamped for Rs. 500/- and can be signed before a notary public
10. if your father is not able to travel to the notary's office then you can request the notary to visit your house for an agreed fee which the notary will charge you for personal home visit
11. using this POA you can then present the signed gift deed to the registrar who will then register it
12. the charges for the above procedure would include:
drafting charges for gift deed of lawyer
drafting charges for special power of attorney of lawyer
stamp duty on gift deed and special POA
notarial fee for POA
Registration fee for gift deed
clerkage charged by registration agent
legal consultation fee of lawyer
13. i advise you to go for the gift deed rather than a Will because proving the Will after demise of your father will be a very expensive procedure
14. also a power of attorney of your father will be valid only till the time your father is alive
15. so gift deed is best option to settle the property in the lifetime of the owner itself so that there are no future disputes between legal heirs