I would like to borrow money from My brother around 30 Lacks interest free, If I borrow money from him what kind of affidavit I should get, If I borrow money from him do I have to pay tax for the above amount for the present financial year. If I do affidavit How much stamp paper is required for the above said amount and is notary attestation enough for this kind of affidavit , please guide me
If you want to borrow money from your brother, you have to execute promissorynote or Stamp paper in his favor. Normally every one will borrow money basing on promissory note. If the value of the money is more in lakhs, you can write it on stamp paper.
U should have to sign on on demand promissory note in front of two witnesses.affidavit is less value in evidence.it is only supportive document..as it is loan income tax is not ne CE ssary.u have to file I t returns as business.