Re-gift of gifted unlisted shares

Hi,

I have a query regarding gifting shares.

I want to gift shares of Unlisted Co. to My father's brother's wife (Aunt). My query is as follows.

Lets say subsequently my Aunt wants to gift those shares to her son.

There would be no capital gain or income from other source & no taxable income, either for transferor or for transferee since in both cases the shares are gifted to RELATIVE. Is this correct?

& Clubbing Provisions of IT Sec 64 (or 60 or 61) or any other deeming provisions would NOT come into play. Is this correct?

Thank you very much.