Loan agreement to parents, notrify is required or not?

niky...... (Querist) 28 March 2014 This query is : Resolved
Loan given to parents need to be signed in front of notary or i can have it on a 100 rs stamp paper and that can suffice?

Also if have already given an amount say on 1st march and i havent created an agreement till later date, can i make an agreement say on 15th march and then mention in that agreement tat i had given a cheque on x amount on 1st march?
Or is it necessary to have a cheque dated post agreement date?

Also can i draw the check from my current account or it needs to be a saving account ?

Follow Query

Report Abuse

Guest (Expert) 28 March 2014
'Loan given to parents' Really great yaar

ajay sethi (Expert) 28 March 2014
give it as gift . you dont need to enter into loan agreement with your parents

Rajendra K Goyal (Expert) 29 March 2014
Why you want to enter into an agreement?
Give him gift and in your need he may gift you.

However, only promissory note or PDC may be sufficient.

niky...... (Querist) 29 March 2014
okay will do so, thank you all for your suggestions.

Rajendra K Goyal (Expert) 29 March 2014
You are welcome.

Sudhir Kumar, Advocate (Expert) 13 April 2014
if you do not have proper proof of giving loan to parents then you have no chance of recovery from siblings.

if you do have such proof still recovery will be near impossible./

So when it is charity only then why bother for papers.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries