Friendly loan

Guest (Querist) 26 November 2014 This query is : Resolved
Respected Sir/Ma'am,
I want your help or suggestions regarding friendly loan without interest which I have given it to my neighbor taking money from my father. I have given Rupees 3.2 Lac to my neighbor during period 25th July 2014 to 15th October 2014 in installments and in cash without any written proof.
Now while repayment he his continuously postponing dates and says don't worry I will anyhow pay you and also says if I have a doubt at him then he is ready to give post dated cheque and ready to sign an agreement.
Now Sir I don't know which type of agreement to be made for this purpose, what should be stamp duty value, is it valid to sign an agreements now for the payments done in earlier dates. I have searched through the web but I didn't get satisfactory answers.
Therefore I request you to please guide me through this situation, please reply as soon as possible.

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ajay sethi (Expert) 26 November 2014
take a letter from your neighbor wherein he acknowledges having received a sum of rs 3.2lakhs from you . the said letter should mention that loan would be repaid by neighbour within stipulated period . it is not necessary that you have to enter into agreement on stamp paper for said purpose . take some post dated cheques as security for amount mentioned

Guest (Querist) 26 November 2014
Thank you for your valuable advice Sir Ajay Sethi. It will advisable to take post dated cheque details on the acknowledgement or not please reply.

Rajendra K Goyal (Expert) 26 November 2014
If your neighbour is ready take post dated cheques from him.

and / or you may take a pronote, receipt of money, acknowledgement of debt and forwarding of the pronote.

Kuummaar AS (Expert) 26 November 2014
Believe your friend.

Guest (Expert) 26 November 2014
If you could Succeed in getting the Post Dated Cheque you would be more secured.If Possible get a cheque for small amount like Rs.100/ which could encashed immediately to Confirm the genuinity of the Cheque Issued.

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