I am 70 yrs old working as Consultant in Odisha. My son was running a Pharmacy in Chennai for the last one year which was taken over from my family business with liability of over Rs.30 Lakh. The new business is under his proprietorship. Due to business pressure he had borrowed heavily from private sources and also run up unpaid bill to over Rs.32Lakh. The owner of the Nursing Home has asked to vacate premises though he has five year lease agreement.
To help him a bit I had cleared his private loans to the tune of Rs.40 Lakh from my life savings. Still the business loans are pending (Rs.32 L) and private unsecured loan of Rs.20L and some jewel loans.
I have a vacant land worth Rs.60L which I wanted to gift him later.
My son has married four years back and has a 3 yr old daughter. Most of the problems of borrowing was done under pressure from his wife who felt father-in-law was rich enough to take care of the problem.
Please advise what my son should do and I should help him.