Gift to children

It would have been a safer side if the gift was registered at the time of making the same...but now regis not possible legally....but don't worry if u can prove the same....Also beware of clubbing prov of sec 64(1)

No Capital gain, no tax liability will arise.

Also it happened 2 yrs ago, so no need to worry about it right now,

and gift given will reduce your capital and it is not an expense. Further, that gift also not taxable in the hands of your wife and Adult Children.

Did you file your returns 2 years back for the relevant financial year in whcih you sold your property? Did you receive any summary assessment like 143(1)? If you have recelived and your return is closed, then nothing to worry.

I did file the return as I am salaried person but not mentioned the sale transaction considering capital loss on sale of property.  No summary assessment received. My ITR is that year is yet not closed due to defective  uploading which has now been re-loaded.