Legal details
Querist :
Anonymous
(Querist) 14 August 2011
This query is : Resolved
i want to give some hand loan to one person amount of rs.100000/- or above 1 lack , what should i make document for that giving of one lack.
a promisory note for what amount at valid and a bound paper of 10, 20, 50, 100 what its validity amount on that bound paper as per above mentioned papers.
prabhakar singh
(Expert) 15 August 2011
ARE you registered money lender.Any cash hand over of an amount above 20k would be not possible in view of provisions of I. T. ACT,Value of lawful stamp duty may go up to 10% depending on state in which transaction has to take place,so better go through registered instrument,OTHERWISE SHOW IT TO HAVE BEEN GIVEN IN 6TO7 INSTALLMENTS ALL AGAINST RECEIPT OF THE BORROWER AND THEN A CHEQUE FOR TOTAL DUES WITH A NOTE IN WRITING
ADMITTING THE FACT THAT CHEQUE IS BEING HANDED OVER IN CONSIDERATION OF AMOUNT RECEIVED IN PAST.
