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P Venu Gopal (Business)     15 November 2016

Legal rights

Dear Experts Pranam to all Here is my small doubt. I gave some amount to a finance company @ 18% interest. All my payments made to the finance company thru cheque payments. The financier paid interest for few months directly to my bank account and now not paying any interest or refund the principle. Finance company not issued any promissory note. So, can I initiate legal action against the finance company to recover my principle amount and interest. Please guide sirs Thanks and regards Venu


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 3 Replies

Kumar Doab (FIN)     15 November 2016

You alone would know now: Would you like to claim interest?

This is because NO one knows whether you have declared your income and proof of sourse of funds and if you can lend on interest.

 

This is also for Principle.

One option; Obtain whatever you can ASAP with your own skills and with intervention of well wishers.

 

Another Option; Visit your own counsel with details and cheques and clearing from account.

 

 

 

 

P Venu Gopal (Business)     15 November 2016

Sir, Thank you for your reply

I gave some amount from my earnings for which TDS paid till the last interest payment

I gave some amount in the name of my mother, who got income from her agricultural land. Since she is not income tax assessee, no TDS deducted.

Some amount was purely accumulated interest, which again gave

But all payments done thru cheques only and none cash payments were there.Every thing is white and I am not a black money holder.

Kumar Doab (FIN)     15 November 2016

Both of you may Visit your own counsel with details and cheques and clearing from account.

It shall be appropriate to get proper legal advise in person, before hand.

Take care that Financer dose not vanish. Get to know of his assets/estate.

After your counsel's advise, try final time to recover by your own skills amd thru well wishers.

 

 

 


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