Tax Implications: When Dad Leases Property to Son at Zero Rent?

 My father gifted a home to me and my brother in the name of registration and remaining (other brothers are also included). A few years ago, I was involved in share markets and mutual funds investment and banking asked me to submit an ITR file. So I am very worried about my situation. Shall I show it in my tax property (gift tax)? Kindly clarify my doubt.

Hi, We have rented our Apartment, which is in joint ownership, myself and wife's.. The house is rented and the tenant transfers the whole rent amount in my Account... Now my AIS is showing the entire rental income, around Rs. 2L (tenant seems to be showing the full rent in my PAN) whereas in my wife's AIS, no rental income is shown and it is showing nothing. Now while filing ITR of mine, & my wife's..what rental amount should I show in my ITR? Secondly, in my AIS, I see some Interest amount from xyz bank in which I don't have any account.. What should i do about this wrt filing ITR. Thanks in advance for your response.

I have purchased a flat worth Rs 70 lacs and registered it in my son's name The full amount has been paid from my savings . My son was an NRI at the time of registration and doesn't have income source in India , except maybe Rs 2 lacs in his savings account. I recently came to know that we have to inform , if we purchase any property above Rs 30 Lacs . Will the above transaction cause any Income Tax issues for my son ? I don't not own any other property I have furnished the flat and stay in it whenever I come to Coimbatore I stay in a different apartment in Madurai I don't not plan to rent it out. My reason for buying a property in his name is I am 70 years old and I want to create an asset for him in the future. Is there any submission He or I have to make to I T Dept stating that I have gifted the amount. I am an assessee and file I T Return regularly. My son used to file when he was employed in India . Last 2 years , he is a NRi and doesn't file since he doesn't have any Income . Should I just prepare a Letter for records ,stating I have purchased a Flat in my son's name as A Gift and give details of amount paid by me from my Bank account to the Flat promoter.