I and my younger son have purchased a house at Bangalore. I want to gift my portion of the house to my son. Will there be any tax liability to my son?
Ans: As per income tax laws, a gift of any asset (in this case, a house) made to your son (who is a close relative) is fully exempt from tax in the hand of the recipient, without any upper limit. The liability of tax arises only when your son sells the property.
You would need to factor in some costs while registering the change of ownership.