Gift tax liability

Agriculture land situated in urban area i.e within muncipality limit etc it will be treated as capital asset and transfer of capital asset you have to pay capital gain tax.
so now as per section 47(iii) transfer of capital asset by way of gift/will/ irrevocable trust is not considered as transfer and therefore seller will not have to pay capital gain tax.
but if the immovable property transferred by way of gift is having a stamp duty value more than 50,000 then stamp duty value will be taxed in the hands of buyer under income from other source.

conclusion
buyer will be taxed if stamp duty value is more than 50000

Prasanth sir, thank u very much

it must be noted that you must gift your friend and not to receive any consideration for the same. otherwise Section 50C shall be applicable and you will also be taxed.

thanks Anurag sir