I have a house in PUNE in my and my wife's name, which was being used by my son. He now intends to buy another house from the sale proceeds of his own house and this house which is in joint names of me and my wife. We have decided to gift this house to him.
What steps should I take to avoid capital gains tax, as I do not intend to keep the sale proceeds of this house with me?
Please guide me.I am a senior citizen of 63 years having income bracket 25-30 lac.
J K GUPTA