• Tax liability after gift deed

Hi
I sold my property( Jointly with my wife) at Noida for 32 lacs . After one nad half year I purchased one property from my son in chandigarh for 42 lacs ( Son to father transfer),. I paid Rs 42 lacs to my son thru pay orders.My son wants to give him gift deed for Rs 42 lacs. My questions are 
1. What is the tax liability on me for selling of Noida property (bought by me in 1988 for appx 3 lacs).
2. What in case I give him the gift deed ..what about tax liability (Capital Gains) on Noida property.

I case I dont give gift deed will my son is liable to pay tax.

Regards
Maninder