Legal documents required on full payment of a personal loan

P.C. Joshi (Querist) 11 February 2014 This query is : Resolved
Dear Friends,
One of my relative has taken a personal unsecured loan from his brother. Now he has has repaid the full loan. Can anyone please advise what documents my relative should get get from his brother for this purpose. So that he does notface any problem in his income tax matters and noone else claim for the amount anytime afterwards.

Thanks

P.C. Joshi

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ajay sethi (Expert) 11 February 2014
obtain a letter from brother that personal loan has been repaid .if payment made by cheque mention details of cheque .

Rajendra K Goyal (Expert) 11 February 2014
Please confirm if any blank signed cheque or pro-note was given or not, if so take back the same.

Otherwise simple letter containing details of payment would suffice.

SHIRISH PAWAR, 7738990900 (Expert) 11 February 2014
Agree with ajayji

Guest (Expert) 11 February 2014
Depends upon the means of transaction by cash or by cheque and how that was shown in to accounts and IT Return of your relative, when loan was taken.

Devajyoti Barman (Expert) 11 February 2014
An NOC certificate is better to be collected.

Advocate. Arunagiri (Expert) 11 February 2014
Get the letter, no outstanding amount, loan settled.

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