Income from other sources u/s 56(2)(X)(b)(B) of IT Act

This query is : Resolved

k M Goyal (Querist)
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18 December 2019 Dear Sir,
My Client is an individual, he has made an agreement to purchase/sale of a commercial shop with a builder, and details of the agreement are as following:
1. Paid 10% of purchase consideration as advance through account payee cheque on the date of above agreement.
2. Date of agreement was 1st October, 2015.
3. Purchase price was settled @ Rs. 5,000/- per Sq. feet.
4. Stamp duty value (circle rate) on 1st October, 2015 was Rs.7,000/- per sq. feet.
5. Value assessed by Valuation Officer on 1st October, 2015 was Rs.5,000/- per sq. feet.
6. He has gifted 50% of his share to his son on 1st July, 2017 & after completing the formalities, the builder enter the name of his son in the agreement. Now both names are appearing in the agreement.
7. Stamp duty value (circle rate) on 1st July, 2017 was Rs.8,000/- per sq. feet.
8. Value assessed by Valuation Officer on 1st July, 2017 was Rs.6,000/- per sq. feet.
9. Registration of this shop was executed in joint name on 1st November, 2019 & circle rate on that date was Rs.9,000/- per sq. feet.
10. Value assessed by Valuation Officer on 1st November, 2019 (date of registry) was Rs.7,000/- per sq. feet.

Kindly advice whether any income chargeable to income-tax under the head Income from other sources or under any other head to his son.
Regards,
Thanking in advance,
K M Goyal (FCA)
M No.: 9899799000