On demand & consideration receipt
navin
(Querist) 30 October 2013
This query is : Resolved
sir i want to lend money to my friend for 1% intrest per month.for this he is providing an on demand & consideration receipt to me with a post dated cheque of 1 lac exactly after a year.my question is
1. hw many revenue stamps should i fix on on demand & consideration receipt?
2.should i take cheque for 1 lac or should i write the intrest for 1 year & take cheque for 1.12lacs?
3.hw many witness should i take?
4.how do i safe guard my payment?
5.dates of on demand & consideration receipt
should be same?
adv. rajeev ( rajoo )
(Expert) 31 October 2013
Without money lending license you cannot lend money.
Revenue stamps are not available after the Telagi case.
If you want to lend money you can take the cheque for loan amount and interest.
Do not mention in any document it is loan. It should be as hand loan.
Just you take the signature of the loanee on white paper or Rs.50 stamp paper. It is more than sufficient.
adv. rajeev ( rajoo )
(Expert) 31 October 2013
If you are authorised money lender then you can charge the interest.
V R SHROFF
(Expert) 31 October 2013
Friendly Loan.
Remember: Income Tax Laws provide punishment for any CASH LOAN ABOVE rS. 20,000/- sO PAY BY CHEQUE FOR SECURITY, SAFETY, AND LEGALISE IT
PRO NOTE IS BETTER
navin
(Querist) 31 October 2013
SIR I AM HOLDING PAWNBROKER & MONEYLENDING LICENSE.& GOT THE STAMPS FROM CHENNAI TO KARNATAKA
Rajendra K Goyal
(Expert) 31 October 2013
If you are having valid moneylenders license you can lend. All payment through account payee cheques. For security either pro-note or PDC is sufficient.
navin
(Querist) 31 October 2013
ir i want to lend money to my friend for 1% intrest per month.for this he is providing an on demand & consideration receipt to me with a post dated cheque of 1 lac exactly after a year.my question is
1. hw many revenue stamps should i fix on on demand & consideration receipt?
2.should i take cheque for 1 lac or should i write the intrest for 1 year & take cheque for 1.12lacs?
3.hw many witness should i take?
4.how do i safe guard my payment?
5.dates of on demand & consideration receipt
should be same?
ABDUL RAZIQUE
(Expert) 01 November 2013
ONE REVENUE STAMP IS ENOUGH,
YES YOU CAN RECEIVE ONE PDC ALONG WITH INTEREST,
ONLY TWO(ONE EACH SIDE) WITNESS IS ENOUGH,
WHEN YOU RECEIVE PDC THAT YOU HAVE A GUARANTEE TO BACK OF AMOUNT,
Thyagarajan
(Expert) 01 November 2013
You say you are lending to a friend and not a stranger.That is to say you have some confidence the money will be returned.
Just make a promissory note with details of money paid and the return you expect with interest.
One witness from your side one from his side will suffice
A revenue stamp may suffice. However you can take opinion of a document writer in your locality.
malipeddi jaggarao
(Expert) 02 November 2013
1. One rupee revenue stamp is enough.
2. Take the cheque along with interest.
3. Promissory note do not require any witness.
4. Already safeguarded as you are taking the post-dated cheque.
5. Should be the same.
Rajendra K Goyal
(Expert) 02 November 2013
1. Revenue Stamp is available in one rupee denomination. On pro-note one stamp is enough. This is fixed as per Stamp Act applicable in the state. If you think stamp in your State may be higher you may fix 2 or more or exact as per stamp act. One more stamp is to be fixed on receipt of the money. Witness if any can sign on the receipt.
2. Money paid would be the consideration for pro-note and PDC would be having no consideration if taken in addition. Money paid once can not have two consideration.
3. Promissory note does not require witness, may take on receipt of money paid against pro-note.
4. Pro-note is a legally valid document. PDC can also be taken but your claim would be based only on one. Alternately you may enter into a stamped agreement.
5. Dates should be same.
Thyagarajan
(Expert) 03 November 2013
Let us know how you finalized the deal. We will know how our advise worked.
