Get a change of sola that they signed on a Bond paper with a proper design. If it fails, it becomes a civil procedure, so it takes a long and long time to recover. A friend of mine wants to invest in my next start-up in India, but me and he are living abroad right now, he wants the money for equity, he also wants to invest in contract paper before I register the business. It`s possible? A solution? Promissory Note is a written promise to pay a debt. It is a financial instrument by which one party (manufacturer or issuer) promises in writing to pay the other (lender) a certain amount of money, either at a fixed and identifiable future date or at the request of the beneficiary under certain conditions. Hello Sreekanth Reddy, very informative article. I borrow 12 lakhs from a friend at 10% P.A. interest on the monthly discount balance and plan to pay back per month within three years. What is the value of reqd stamp paper. R 60 is good.
(1 r. per 20000). I`m in Karnataka. Ask Pls to tell me. Greetings to Manoj. Hello, thank you for this beautiful article. I made a request my friend with his brother-in-law needs urgent money and my brother-in-law friends have their own home, but unfortunately no bank is willing to grant them mortgages because they have not filed a payroll or income tax return. I want to help him by granting a loan of 15 lakhs, by taking a personal loan into my account, because I have complete documents. However, I don`t want to take any risks in the future, so my questions are: 1. Can I give them credit with their asset documents as collateral.
2. What are all the agreements I should make with them. 3. Please let me know what documents you can collect or sign from them. Dear RK, offer not to borrow money in cash mode. If necessary, then up to rs 2 lakh in a FY should be ok. Get the repayment period mentioned in the loan agreement and take a PDC as collateral. In December 2015, I reimbursed my wife for the remaining $95,000. I made this payment by making money from my U.S. bank account into their U.S.
bank account. After that, we both signed on the back of the PN and stated that the loan had been fully paid and that the PN was cancelled (and my wife returned this PN to me). Fortunately, I still have this PN on me. In the agreement, we mentioned that if he did not purchase the property in the contract date, “does not return the money and the contract is treated as a termination.” Dear Venkatesh, yes, it is better to have signed a formal loan agreement between yourself. Interest-free loans are not taxable for both lenders and borrowers. Another option may be through toxic deeds. Please make check/transfer transactions online and avoid cash transactions. Please read: 5 ways to transfer your property! Gifts – tax effects! My wife and I live in the United States. We visited India for a few months in October 2010, when my father was seriously ill.
My wife (money borrowed from her family in India) lent me money (about 50 lakhs rupees) for my father`s treatment. I gave my wife a PN saying I`d pay her back either 50 Indian lakhs or $100,000. I signed this PN in October 2010, when we were both in India. We used a 1 rupee turnover stamp on which I signed the PN. 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. dear sreekanth. Thank you for the useful information.