Conversion from joint ownership to sole ownership of propert

Dear Ashwin, the best possible option available to you would be gift the property in favour of your son and registering the gift deed. In this way you will be saved from tax implications too.

Thanks Vishal,

Tax implications on the gift giver is nil but what about the tax implications on the gift accepter [i.e my son in this case] ?

He is also exempted both under Gift Tax  and Income Tax.

Vishal,

 Is a release deed the same as gift deed ? One of my sources suggested me to get a release deed done since I have not contributed to the property while buying the same. Is this correct ? In case of a release deed, will there be tax implications ?

we have purchased a house few years ago in which my father has 70% share and my maternal grandfather  (nana) has 30% share in the registry  so now my grandfather want to gift his 30% share to his daughter i.e my mother so like in the case of  if property is transfed to daughter-in-law but deemed owner will be the trasferor only so is it a same case if property is transfed by father to his married daughter .

h,m,,,,,,,,,,,,,