Loan conversation to gift benami transaction

This discussion explores the tax treatment of a 'benami' transaction where bank loans given to a son and daughter were later converted into gifts. The consensus is that these transactions are considered capital receipts for the son and daughter and are not chargeable to tax. The key is how these transactions are documented and presented, especially when loans received in earlier financial years (18-19) are converted to gifts in a later year (23-24).