Can I take the gift deed land and give money

anil Kumar (Querist) 22 November 2018 This query is : Resolved
Dear judiciary experts..

I'm Dr.ameer from Andhra Pradesh.

I have a small quiery .

One of my friend consulted me regarding money.

As per our discussion.

party has 400 square yard land.they need 10 lakhs cash.

What they say is 200 sq yards he gave gift deed to his wife and now they are saying this 200 sq yard they will register this on my name for money with a rate of interest 3 rupees..

So can we give money on gift deed land.
And what are the conditions and legalities I have to follow..

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Guest (Expert) 22 November 2018
Money lenders would certainly afford to discuss with local Advocate.

Dr J C Vashista (Expert) 23 November 2018
Get a mortgage deed registered with Sub-Registrar through a local lawyer.
The above deed shall have all requisite terms and conditions.

K.K.Ganguly (Expert) 23 November 2018
1. Registering a Gift deed and advancing money are two separate issues.

2. If he registers the gift deed for 200 sq.yeards of land in your favour, then uou become the owner of the same.

3. If you lend him Rs.10 lakhs against interest, you shall have to obtain license from the RBI for lending money commercially by taking interest.

4. You may decide to buy the said 200 sq. yeards of land and pay him the cost of the said land, if you so wish.

Kumar Doab (Expert) 23 November 2018
Are you a moneylender or say a finance company?
What is proper written legal opinion rendered by your own LOCAL counsel?

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