“Such a contract/agreement will not remain valid if your wife asserts her property right and chooses the legal option to do so. The Hindu Marriage Act and other related laws take precedence over the agreement signed between you and your wife. You should not opt for such agreements, as this will make the issue more complicated in the future. “Dear Venkatesh, yes, it is better to make a formal loan agreement with each other. Interest-free loans are not taxable to both lenders and borrowers. Another option can be through GIFT CERTIFICATES. Please make transactions in check/transfer mode online and avoid cash transactions. Please read: 5 Ways to Transfer Your Property! Donations and tax implications! Hi Sreekanth, first of all I want to thank you for your lovely blog to help people like me. I gave my uncle about 10 Lake Loans at 18% interest 2.9 years ago and he gave me a promissory note. This PR expires in 3 months.
To date, the outstanding balance of the loan with interest is approximately 16.5 Lakes. So far he has only paid 50k. Dear sir, should the loan agreement be notarized and if so, according to what law? So he returns this amount directly to my bank, where my loan is available. Do I have to pay TAXES or legal questions from the income tax team? Dear Sreekanth, thank you very much for your clear guidelines. I am from Europe and had the pleasure of spending six months in India last year. There I met a family that I now want to help build a business. I trust them and I think their business plan is solid. However, I would like to follow your advice and enter into a loan agreement to formally agree on the terms.
Are there any special clauses that I should add as a foreigner lending money to people from India? Thank you for your answer, Patrick Is it possible to get a sample letter about having paid a manual loan to someone for residential purposes? Since 2017, all leases are in her name and she is reported in her income tax as income from a rented house. It`s true? Otherwise, please do not advise. Dear Srinivas, yes, you can go on! I believe that a loan agreement is a better option. You can ask for the help of a civil lawyer! I paid a certain amount to one of the immigration companies to get a job abroad, but it takes too long and I just wanted to be safer by making a written agreement. So ask me to look at the same thing. A friend through thickness and thinness. We usually turn to our friends or close family members when we need financial help. We lend (or borrow money on the basis of mutual trust. As a rule, these types of loans (hand loans) are not guaranteed. In most cases, the terms of a loan are not defined. If repayment (repayment of the loan) is not made, the relationship between the two parties becomes strained.
hi sreekanth sir, I need the loan agreement format for my client.please send me by mail. (For your information – The RBI issued a notice on the “Guidelines for Intentional Debtors” on September 9, 2014. As a result, a guarantor of an intentional lack of guilt may also be treated as a “defaulter”. So, think twice before accepting and signing as a guarantor of a loan) Dear M. Reddy, I would like to ask about a personal loan case in which I gave 10 lakh rupees on loan to a well-known person in interest, took him a check for the same amount and signed a Stam paper, in which the interest rate and the one-year term of the contract are mentioned. No conclusions are mentioned as to what will happen after the end of the Contarct period, nor about the penalties or clauses for non-repayment of the principal and the amount of interest. The person had paid me regular interest in the 1st year and also the 2nd year with the return of 5 pricipal lakh. but now, for two years, he has paid no interest and no capital, which means that his financial situation is bad. the check he gave is staggered and as no repayment conditions collapse and the penises are not mentioned on stamp paper. I can always go ahead and ask him for interest and if he denies it, I can legally do something about it. .