I received a gift of 6oo Sq yards urban land from my sister 20 years ago. The value of that property then was Rs 3 Lakhs, but the present market value is Rs. 80 Lakhs. Now I wish to gift shares worth Rs 40 Lakhs and other liquid assets like gold and cash worth Rs. 40 Lakhs to my niece (the same sister’s daughter), perhaps as a quid pro quo. What are the tax implications and what are the precautions required to be taken?