A generalized frequency division multiplexing (GFDM) transceiver system includes a low complex GFDM transmitter with multiple sub-carriers and timeslots having IFFT based modulator for modulating data corresponding to a particular timeslot and different sub-carriers to corresponding sub-carrier frequencies and thereby generating transmittable GFDM data signal, multipath frequency selective fading GFDM channel having uncorrelated channel coefficients corresponding to different paths for transmitting the modulated GFDM data signal and a low complex GFDM receiver configured to operate with said multipath frequency selective fading channel involving channel equalization followed by self-interference equalization to receive the transmitted modulated GFDM data signal and thereby de-modulate the GFDM data signal to obtain the data.