From 2005 Incomne tax law has been changed. Earliuer for immovable property also exemption was applicable no tax was charged.Now for immovalb eproperty tax is charged.Please read the following:
However, there are certain circumstances under which a gift (including an immovable property) will not be subject to income tax. One such exception is when the value of the property as assessed for stamp duty purposes does not exceed R50,000. It is pertinent to note that if an immovable property is acquired for a consideration that is less than the stamp duty value of the property and the difference is more than R50,000, such difference will be considered to be a gift received by the purchaser and taxed accordingly.
Further, if the immovable property is received as a gift under the following circumstances, it will not be subject to income tax in the hands of the recipient: They are gift received from a relative, received on marriage, under a will, by way of inheritance, from a local authority, gift received from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in section 10(23C) and gift received from any trust or institution registered u/s 12AA.
Gift tax is paid on the tax slab you fall in.