Loan from relative converted to gift

If it is proximity of blood (Relations) that loan can be treated as Gift. Eventhough it is from outside parties that should not exceed more than 50k

Only applicable to Individual and HUF

Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year wothout consideration, by an Individual or a HUF from any persons on or after 01.04.06 then the whole of the aggregate of such sum will be taxable.

gift from father to son is not taxable as income in the hands of the receipant .

to the limit of 50K the gift is not taxable from father to son

From outside persons only the limit is Rs.50,000

Exceptions : Gifts received from the following persons not taxable : 1. Relative 2.On the occasion of the marriage 3.Under a will or by way of inheritance 4.In comtemplation of death of the payer 5.Any local authority 6.Trust or Institution u/s 10(23C) 7. Trust or Institution u/s 12AA

Thanks for the information Ravi

sir, can gifts given by son to mother is taxable. actually loan was raised from son by mother, now we are urging to convert the loan into gifts. what is the procedure and tax implication please reply.