Sidhick

sidhick (kkkkkkkkk) (42 Points)

02 March 2016  

I have a property of worth Rs. 1 cr. which was inherited by my expired father three years back.  In the year dec 2013 I gifted 55% of the said property of worth Rs. 60 lakhs to my son by a settlement deed.  I am earning a month rental income of Rs. 20000.00 from other house.  In this context, the IT department sent a notice to me and my son by referrring the settlemt.  Is there any tax liability for me.  Please clarify in detail