Me and my brother co-own two flats. One in Delhi and the other one in pune. My brother wants me to settle in pune , hence I am relinquishing my share in Delhi flat and he is relinquishing his share in pune flat. Since I am moving to another city he is gifting me 50lacs as gift. Hope it would not attract any income tax on my end. We will sing a MoU and will mention above that he is gifting me 50 lacs and will get it registered by way of gift deed.
If you declare everything the way you have declared here in your tax returns, the taxman will suspect a nexus among the three transactions and compute your tax accordingly. If you do not declare them or only declare them partially in a manner to reduce or evade tax you can be prosecuted for evasion of tax. Your relinquishments will come under tax laws for exchange of property. Taxman will see a nexus between the so called gift and the difference in price between the propeties relinquished/exchanged.
If you partially disclose in your returns you are taking a chance and a risk.