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Loan to family members convert to gift transactions

This query is : Resolved 
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(Querist)
12 July 2020 A proprietory concern I.t. person rs.20 lacs loan taken from bank.
Rs.10 lacs loan paid to son
Rs.10 lacs loan to paid daughter.
Question:
1.Loans paid to family members convert to gifts accepted in I.t. act
2.loan to family members interest calculation compulsory.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 July 2020 1 yes it's accepted.
2 No, interest free loan can be given to relative.
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