Detail information about gifts in income tax

I want to know in depth about Gifts, How can we take gifts, there is limit of 50,000/- per year from any person while From Family(in specific) is unlimited, If a Family member give some lakhs in Gifts to his/her son/daughter then is there any limit in number of times they can give gift to his/her child, ie Once they have given say 5,00,000/- to their child then in same financial year they can give gift again of more money to their child? Gifting in HUF is not possible but say A Father when about to close his HUF Account then how can he gift that amount to his son/daughter?