It would not attract benami act 

2) gift is made in favour of family member out of natural love and affection 

Hi, As per law, you can't make reverse gift. So you can't make a Gift to your brother.

Gift deed can be cancelled by mutual consent 

deed of cancellation can be executed with consent of parties 

In my opinion you can give him the property back by a new gift deed or you can just do a will in his name. it will not be affected by benami law as this law generally applies on concealed transactions for purpose of evading taxes or other liabilities.

In case any issue arises in transfer of property by above methods, then way out also will be there.

regards

Strictly speaking the referred law may become applicable to this situation as per the contents which you have mentioned. 

If you are so much worried about it,  better allow the property to remain on your name itself,  but make a caretaker arrangement or give POA to your brother to take care and maintain the property during your absence in the country. 

There is no illegality if after receiving the property your brother gift you back the same. 

The Benami Act comes into play only when and if your brother refuses to reconvey the property. 

You can cancel it by revoking the gift deed as per the gift act.

If the donor and donee agree that on the happening of a specified event which does not depend on the donor's will, the gift shall be revoked. Any of those cases in which if it were a contract, it might be rescinded.

Registered gift deed is irrevocable post execution. 

Gift deed is a contract between the donor and the donee which defines simultaneous and reciprocal act of giving and taking. 

A deed of gift once executed and registered cannot be revoked, unless the mandatory requirement of section  126 of Transfer of property Act, 1882 is fulfilled. So in the end it can be concluded fairly that Transfer of Property Act, 1882 and its sections is a complete code dealing with the regulations of gift in India. 

Benami Transaction would have two primary actors: a beneficial owner (Mr.X, in our example) and a Benamidar (Y). Benamidar is a real or a fictitious person in whose name the Benami Property is transferred or held. A beneficial owner, on the other hand, refers to the  person, whether his identity is known or not, for whose benefit the Benami Property is actually held by a Benamidar. Simply put, a Benamidar is a mere name lender; a mask or a facade, whereas, it is the beneficial owner who is the real McCoy. 

In your case your brother purchased a property in the year 2000 and it gifted in 2015. So how it become a Benami transaction? More over in your case there has been no immediate or future benefit, direct or indirect, of the person who has provided the consideration. Here you are aware of, or, not denies knowledge of, such ownership.  So it does not come under a Benami transaction.

The second part of your question is now you want to gift the same to your brother. It is to be noted that there is no bar to gifted the same property be transferred through gift deed again.

It would not be considered you were holding for benefit of brother 

bank would grant loan to buyer 

1.  Your brother had purchased the said property in his name and not in your name.

2. Thereafter he had registered a gift deed for conveying the title of the said property in your favour.

3. Now you want to transfer the title of the said property in favour of your brother.

4. The above transactions are perfectly valid legally and it is not considered as Benami Transaction in any way.

1. Reverse Gift is very much legal.

2. These two gifts are separate acts and there s no legal embargo in regifting the property.

1. Had your brother purchased the property in your name by paying the entire consideration then it could have been considered as Benami Transaction.

2. In the stated circumstances, the transactions are perfectly legal and valid.

If you have got the same in gift you can gift it to him again if he is ready to accept the same

It is your property now. Gift it to anybody you like. 

Benami is that in such case if it is actually used by your brother after gifting you.  Or by some legal documents your brother have some dominate control over this property. 

Gift tags as per law shall be applicable. 

When you accept the gift , on that day itself you become the absolute owner of that propriety. Your brother could not sell it future unless and until he get the property from you either by gift or sale  or settlement deed 

benami law is not attracted

the property was gifted to you

so you became the owner

now you want to gift it back to the donor

which as an owner you can always do

You keep aside all your imaginations about the applicability of the benami law in this regard.

The law provides that any gift that is made and accepted by the donee, is final and cannot be revoked later on. So, if all the conditions of a valid gift are present, the same cannot be annulled by the donor later on, except on the ground that the consent of the donor was obtained by fraud, undue influence or coercion.

Your idea of returning the property by the so called reverse gift can be termed as benami transaction.

The property is held for the benefit – direct or indirect – of the person paying the amount.

Usually, a property purchased in the name of spouse or child for which the amount is paid out of known sources of income is called the benami property. Apart from this, a property held by someone in a fiduciary capacity also falls in the same category.

Hence you better be cautious about it and think about transferring the property to your brother's name by any other mode of transfer.

- You both can execute a cancellation deed for cancelling the Gift deed legally.