taxability of gift in the hands of giver

No tax in hands of giver for gifting immovable property to relatives defined under Income Tax Act.

Sec 47(iii) especifically states that transfer of capital asset by way of gift shall not be considered as taxable transfer.

Also gifting below DLC would result into taxable income under head other sources for receiver. However same is also exempt for receiver if he falls under definition of relatives as per Income Tax Act. - Refer Sec 56 for same.