@santhanr01 , Agreeing with my colleague @M-MTax ,
(a) I stand corrected on the form -- it should have been 709 and NOT 706
(b) I stand by that if I assume both you and your brother are married, then using free amount you each ( you and your spouse ) can donate / gift US$36,000 to your brother and his spouse. Granted I have no info on your post that suggest that this is the case ( that both you and your brother are married and that your spouses will agree to this scheme ).
(c) Filing a form 709 is not a tax event at the time of the gift -- future is unknown.
However, I do understand that this scheme will not work, if you are paying off directly to the lender --- first because it is an entity ( and not a person ), second we don't know how the property is held ( jointly by your brother and his spouse or what ). Also I don't know if India would consider the gifts to your brother and his spouse ( if) would be considered an income and be taxed.
My apologies to @M-MTax .
pk
