Land

Querist : Anonymous (Querist) 09 July 2011 This query is : Resolved
my friend has taken 5 laksh as advance for selling the land,which cost value of 10 lakhs. there is no document for tht 5 laksh.
on the date of registration the land value is increased to 20lakhs. so they didnt registered the land, its cancelled. when he returned the 5lakhs advanced to the party, the person demanding 5 lakhs with interest.
but my friend is nt ready to pay any interest. is it possible to give only the advance amount 5lakhs without any interest.
plz suggest the provision with this regard..
thanks... :)

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Chanchal Nag Chowdhury (Expert) 09 July 2011
U have stated that there is no document for the money taken.I hope the buyers have some document to show that they have paid 5 lakhs.If the buyer goes to court, your friend will have to prove as to how & why he was given the money & the court will decide on the facts of the case as to whether interest is payable.However interest cannot be claimed unless a notice is given under the Interest Act.

prabhakar singh (Expert) 10 July 2011
If interest was not agreed,then it can be claimed via notice post to default.

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