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Loan given by father to son - later converted into gift

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(Querist)
14 November 2016 if father gives interest free loan to son initially . after 2-3 years can the same be treated as GIFT by father to son by executing gift deed. both father and son agree to it.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
14 November 2016 yes , you can Create Gift Deed for Record .
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Anonymous

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Anonymous (Querist)
14 November 2016 sir initially it was interest free loan. after 3 years can it be treated as gift by executing gift deed of PRESENT date.
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Anonymous

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Anonymous (Querist)
14 November 2016 can I write off the loan from the books and credit it in my capital account and prepare
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
14 November 2016 yes, but please Create gift Deed for same
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Anonymous

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Anonymous (Querist)
14 November 2016 same provisions for loan given to wife as well
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Anonymous

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Anonymous (Querist)
14 November 2016 is there any problem in giving wife and son interest free loan
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 October 2021 In case of wife, due to clubbing provision, gifting may not be fruitful.
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