Kalyani (TL) 14 January 2015

Personal loan of 8 lakhs from a friend

Hi,

I am taking a personal loan of 8 lakhs from a friend of mine. He will either provide me cash or give a cheque. In both cases, the amount will be deposited to my saving account.
Since he is my friend, we are not doing any sort of documentation or agreement. Its just mutual faith.

I would like your expert opinion on whether i need to do anything in terms of Income tax or worried about anything since the amount is huge?

Regards,

Kalyani

Reply Follow

1 Replies

Adv. Gurchal (Practicing Advocate) 16 January 2015

If you want to make any legal document for (Private Loan) this transaction you will need to show a surety for the said transaction ( may be blank cheque)

or a guarantor on your behalf who guarantees the repayment of the said amount.

registration of such legal document will be supported by registration fee and non-judicial stamp too.

so it will protect you from IT

can you provide your location as we can provide you such service? for help:9860496005