Moneylending

Being a Govt employee why do U wish to invite problems in future,that may affect UR job. Tomorrow if anything unforseen happens U have to officially account for the money U have lent.

SAINATH DEVALLA Sir, Thanks for suggestion. Is there any problem to my job if I lend my earned money. Can I have other source of income apart from govt salary. Please reply. Thank you in advance.

You have to check up your code of conduct and rules and regulations of your Employor.  the Govt will not permit such type of business while you are employee. 

Instead of you, your wife  or major son by a hand note upon Stamp paper can give loan for a short term of one year inclusive of interest and after expiry if the loan amount is not repaid for any reason a fresh hand note can be executed by the borrower.

Even that could be a problem if there is any legal hurdle in future.

Human life is full of hurdles which cannot be avoided.  Secondly, unless you take risk you cannot gain interest.

Of course right Mr.Roy,

I was just cautioning the querist as he was a govt.Employee

Women money lenders get special prievelege and sympathy from the Court of law.

Thank you SAINATH DEVALLA , Biswanath Roy, & Ravinder.P for your valuable suggestions. Cautious move minimizes legal problems and helps earn little interest.

Little clarification needed. How can my wife lend my money or how to make 'my money' into 'her money' and then lend it, since she does not have any source of income? Can she legally own my money? or Can I deposite money into her a/c and then lend? Do women have privilege to lend money without showing source of income. Thank you Sirs.

Married woman can save from her pin money which is her own and can give it to anybody in any manner.

There is no harm that your wife investing the money into the petty money lending business out of her savings from the money given to her for household chores.  She being a part of the family contributes her mite towards the family's economic progress, hence it is not wrong or unlawful if the lending business is within a considerable limit.  Thus you can do it on your spouse's name to augment more income for your benefit. 

tomorrow if U want to be free from problems,everything has to be on record.If the transactions of UR wife have to be on record then she has to be an Income Tax Assesee.Otherwise how is she going to account for the money lent?