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Conversion of loan into gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 March 2016 Dear Experts,
A son has given 5 lacs interest free loan to his father for business purpose after 2 year the both are satisfied to convert this loan into gift, plz let me know can it be done if yes what its procedure,

Thanx & Regard
Nidhi Goyal
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CA Shyam Agarwal

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CA Shyam Agarwal (Expert)
26 March 2016 First of all decide the in which financial year loan was given. if as per agreement loan was not interest free then do transaction of interest. Now you can covert the final amount of loan into gift. make a gift deed of Rs. 500/- stamp paper.
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