Gift to relative

Originally posted by : Mohd. Naseem Bari
	One of my friend has already given loan to his wife, but now he want to gift the loan amount. Can he gift the loan, if yes what will we the tax implication? Is clubbing applicable?

One of my friend has already given loan to his wife...???

What is this mean...??

Can You elaborate this transactions...???

 Asset transferred to spouse (directly or Indirectly) Otherwise than adequate consideration; and NOT under an agreement to live apart, Then income earned from such asset shall be clubbed in the hands of Transferor to extent only amount proportionately relatable to inadequate consideration. Sec. 64(1)(iv) & (vi).