Treatment of housing loan emi

Since it is recieved from son/daughter in law being relative it can be treated as gift or loan. If the assesse wishes to repay it, it can be treated as loan. If it is considered as gift, there will be no tax implication as the gift donot exceed 50000(4000*12=48000) 

Sir, firstly thanks for your reply,

Further as per section 269SS and 269T loan in excess of Rs. 20000/- shall be through cheque, but in my case the contribution is made in cash each month, then how it can be treated as loan, since assessee has a intention to repay in future years also, then how it is reflected in Balance Sheet of the assessee ??