Money back from father

Im not an expert but this is what I think. Between son-dad gifting is allowed but its better to document it as later it comes of use, as in this case. Well, if the funds transfer to his account happened thru your bank, not cash deposit, you have some proof. If there was a gift deed or a personal loan deed stating after so and so period or event, this amount will go back to the source with ot without any TnC it woud have been very easy.

I agree with Kaardaata to a certain extent. However i dont agree with gift deed conditions that so and so amt will be going back to the source after so and so period. Because the rights over a particular gift gets exhausted after donor gifts it to the done. Fundamental principle of a gift deed or gift.

However with personal loan deed, it can happen mentioning the T N C.

There are pros and cons in both the cases. I.e. in gift and loan deed

In gifting, son cannot recover the money from father's asset before distributing equally amongst siblings. However if there is a mutual understanding amongst siblings, this issue can work well. Bcoz, if son gifted to father, no tax implications because it is within the definition of relative. And on father's death, further no tax implications as amt is recd by way of inheritance which is outside the ambit of 56(2)(vii).

In case of loan deed, the amt can be recovered before distribution of assets. But in such case clubbing of income wrt interest on FD will arise every year which should have been taken in your it return. In case of loan returning there will be no tax implication on FD but with interest amt , i mentioned it above.

The cases that you have mentioned would be 1 and the same I.e For a will with no details of recovery is similar to having no will for the given case. With only a slight difference with respect to distribution of assets. In case of no will, 1 can convince their brother/sister but in case of will, that won't be possible becoz in a will the assets are already distributed. Hence no question of convincing.

Hope I am able to solve your problem

OK thanks but please confirm that if it is mentioned in 'will' then son can get his money back b4 distributing among siblings. Also, if instead of father if gift is given for father-mother's joint account then do they both need to mention in their 'will'? Any tax implications involved in it? Thanks...

If it is given in the will then it can only happen when assets are distributed. There cannot arise any situation that asset is given b4 distribution of other assets in a will. In a will, there can be a situation that his liabilities may be parted away first and balance assets gets distributed. 

If the gift is given to father mother both then both needs to give their assent. It depends on the son as to whom has he gifted - father, mother or both. Joint account should not be held as criteria.