Your blog is very informative. I am faced with a complex situation and I ask for your opinion. Dear Kartika. It depends on the terms and conditions written in the agreement. Is this clause included in the agreement that you must return the advance if the buyer is unable to purchase the property?? A great blog you have, such a valuable source of information for many of us. I hope I ask you to clarify the following concerns. I lent 5 lakhs to a relative in 2014. As there was no refund, I had it made a handwritten PN (with 2 witnesses) in 2016, although it was established with the date 2014. Now I am warned that I will sue him, but he defies me and tells me that he would plead that he has already repaid it, and the PN I have is a forgery. My worries are; 1) Is it safe for me to assure the court that the PN is written in 2014? Is there any way he can prove it differently? 2) Is he on trial when he claims to have already repaid it? He will certainly have no evidence to support his lie. Thank you, greetings, sreejith I live in the United States my friend lives in India, he wants 60,000 INR money for his father`s hospital expenses. I am ready to help him as a loan, we have an oral agreement, because he will reimburse me every month in May, June and July 20000.
but the money I will give him comes from my sister`s savings. I don`t want to confuse my friendship with my sister`s wedding. some, as I would like to conclude in a loan agreement. But I`m not in India physically. Give me an idea. This agreement enters into force from the date of this agreement. Hello Sir, I am taking out a loan (interest-free loan) of my sister`s Rs 5 Lakhs for the purchase at home. Is it advisable to enter into a credit contract to avoid any tax impact on me or my sister? Please advise that if you borrow money from your friend/parent (non-financial institutions) to build a house, refunds (payments) are not tax deductible. The tax deduction for refund in Section 80c is not permitted. More like pratyush.
Does he agree (the man) to keep the property in his name? Is he ready for a loan deal? I think they can make a normal “credit contract” that mentions all possible terms and conditions according to their requirements. It can be noted here that there are laws regulating financial loans in India and that a person/entity should be registered as a money lender or with the Reserve Bank of India as a banking company or as a non-bank financial company. I had borrowed money from 2 Lakhs to my friend on August 11 of this year, by bank transfer for interest, He had a check from 2016 Sept. and Oct…. he was paying interest for two months of 3000 months, but now he`s not taking my calls. When I get home, it`s not always there,,,,,, please help me with a proposal A Promissory Note is a negotiable instrument that comes under section 4 of the Negotiable Instruments Act, 1881.