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Gift by a Father of his share in Flat to a Son

Querist : Anonymous (Querist) 15 November 2009 This query is : Resolved 
Father is having a flat in CHS in Mumbai jointly with his son.The said flat is not registered though stamp duty is paid. Now father wants to relinquish his share in the flat and gift to his son.

Will this transaction attract any income tax?
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Vineet (Expert) 15 November 2009
No Income tax is payable by either party in this transaction.

Please check the stamp duty liability on gifted portion of property.
Raj Kumar Makkad (Expert) 16 November 2009
There is no involvement of Income Tax in the given situation. I think there is some loss of chain of question.....
Sachin Bhatia (Expert) 16 November 2009
No this transaction does not attract any income tax.

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