I lent to my friend a year ago 3 Lakhs, did not sign an agreement, he is ready to sign a contract now, it is advisable to have an appendix in the agreement that gives details on the amount of the loan in the past (1 year back). The amount of the loan was by sashing the credit card in different months for small sums up to 10K Dear Sarfaraz, but you do not pay interest properly, so no tax benefits u/s 24. You cannot claim refunds at u/s 80c. This only applies if you take out the loan from a bank or financial institution, both can enter into a formal agreement, so there is no problem and each tax notice (if any) can be applied. A friend by thickness and thinness. We usually speak to our friends or close family when we need financial assistance. We lend (or borrow) money on the basis of mutual trust. As a general rule, these types of credits (manual loans) are not guaranteed. In most cases, the terms of a loan are not defined. If the repayment (repayment of the loan) does not occur, relations between the two parties will be strained.
Historically, coupons were physical appendices to paper loan certificates, with each coupon being an interest payment. On the maturity date, the bondholder would give the coupon to a bank in return for the payment of interest. Today, interest payments are almost always paid electronically. Interest can be paid on different frequencies: usually semi-annual, i.e. every six months or annually. Mr. Reddy, thank you very much for operating such an informative platform, my questions have been misplaced, but related to the subject. A year ago, we sold the gold of our ancestral family to a neighbour, because he was paying about 5% more than the jewelers. It was sold for 10 35,000. 35,000 were paid in cash and the remaining 10 deficits were transferred to my father`s account via NEFT. Now, after 1 year, his cunning took a new turn and issued a civil action that transferred money (10 defaults) was loaned interest-free for 1 year and we must return it and also pay interest after issuing the termination.
My father is very tense after receiving the message. I would be humbly grateful if you can guide me with my options. I live in a metro town and I want to lend 1 Lake Rupee (with int.) to my grandmother in the name of her acquaintance in my village. I would like him (grandmother acquaintance, a doctor) signed by NEFT and signing the change of sola. I would like to know what the risks are. The friend said he was also going to have two witnesses signed. If he didn`t return the amount, it will be a long-running battle by the court for justice (remember, I live in a metro town and he in a district of another state)? He is responsible for paying monthly interest on time and my grandmother trusts him very much. I don`t trust the people in this big crowd.
And also, as you said, to write down the check number on PN, what should be written in the case of neft? I`m going to collect his photocopy of identity and his details. Pls lemme know if additional steps to take while borrowing the money. Dear Sumit, offer not to answer them. Why do you want to lend money to foreigners when we have so many investment opportunities to invest hard-earned money???? Is it not possible for the banker/your mother to publish the copy of the contract, you sign it and let it fill in the remaining case?? Just ask! Dear Sunny, personally, I think it is not advisable to lend money to friends and family. Please follow the points mentioned in this article. hello Sreekant, I would give a small loan to foreigners on interest, I can do so, if so, is your legal requirement is to be fulfilled to provide such a loan.