You can gift some money to your son

2) , Section 2(12) of the Karnataka Land Reforms Act defines "Family" as under:

2(12) "Family" means-

(a) in the case of an individual who has a spouse or spouses, such individual, the spouse or spouses and their minor sons and unmarried daughters, if any;

(b) in the case of an individual who has no spouse, such individual and his or her minor sons and unmarried daughters;

(c) in the case of an individual who is a divorced person and who has not remarried, such individual and his minor sons and unmarried daughters, whether in his custody or not; and

(d) where an individual and his or her spouse are both dead, their minor sons and unmarried daughters."

By looking into the definition of family, it includes only the spouse, minor sons and un-married daughters. At no place, "married sons finds a place under the Karnataka Land Reforms Act.

3) your married son income will not be clubbed with your income

1) Father can execute gift deed in favour of son

2) There is no bar to father gifting Rs 75 lakhs or any amount to son

3) Son is at liberty to purchase agricultural land if he is an agriculturist

4) If he is not an agriculturist apply for and obtain permission of deputy commissioner under section 80 of Karnataka land reforms act

5) it would not be Benami transaction

Since you and your son are living together in the same house, the income of both of you can be treated as income of family members for this purpose, hence you must make sure whether your son would become eligible since the income is crossing the threshold of Rs. 25 lakhs.

A person who or a family or a joint family which has been assessed to income tax under the Income Tax Act, 1961 (Central Act 43 of 1961) on an yearly total income of not less than rupees two lakhs or five consecutive years shall be deemed to have an average annual income of not less than rupees two lakhs from sources other than agricultural lands.

This two lakhs have been amended to twenty five lakhs.

the aggregate income of all the members of a family or a joint family from sources other than agricultural land shall be deemed to be income of the family or joint family, as the case may be, from such sources;

You can gift the amount to your son by executing a gift deed to the extent of this sum.

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.

However, this rule is not applicable if your relatives present the gifts. Now just to escape gift tax in India you can’t call a person your relative saying he is the son of my uncle’s neighbour’s vendor’s sister! To avoid scenarios like these, the income tax rules specify relatives from whom tax free gifts can be received. These are:

Parents

Spouse

Your and your spouse’s brothers and sisters

Brothers and sisters of your parents

Your lineal descendants (including spouses)

Lineal descendants (including spouses) of your spouse