biswajit (na) 15 April 2011

How to make a private loan document official

I am going to buy a land worth 6 Lakh(official valuation) next week.For this I am arranging private loans of from my friends/relatives and rest are my savings and contribution from my father.

How to get official documents for informal loan taken from friends/relatives on oral agreement basis?I just want to be on safer side in case IT authority asks for my source of income.

Please help me out on this

Extra:

My bank account shows income of 3.5 Lakh.(I have a start-up company.But it registered only few months back and most of my income prior to that is in my personal account.).I have savings of 1 Lakh. My father does not file IT return and I plan to file return this year.

I arranged loan from 2 friends and one relative

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3 Replies

akash kapoor (*************) 15 April 2011

See if you just need a document then prepare an IT file for your father and for yourself. your relatives must also have an IT file. That is sufficien for a evidence. And if you want more concrete proof then prepare a agreement on a non judicial stamp paper and mention material facts. As it is always good to prepare documents in writng. I will suggest you to consult a chatered accountant.

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Mahesh Margapuram (AGM - Legal) 18 April 2011

Hi,

Prepare 3 Promissory Notes for each loans for the amount borrowed favouring your friends and relative and keep the originals with you and show the copies of the same in case of any query for source of income.

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biswajit (na) 19 April 2011

How to make Promissory Notes for loans?

Thanks a lot for your response