Promissory note to attach assets

Hari (Querist) 24 September 2015 This query is : Resolved
Dear Sir/Madum,
I loaned a longterm to my family friend for Rs 5L on promissory note. He dont have income or assets on his name, But his father was millionaire. Can I attach his father assets to claim the amount?

Thanks,
Hari
rvhari@yahoo.com
ph:9989121347

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Hemant Agarwal (Expert) 25 September 2015
1. IF the said "Loan Amount" is reflected in your Account Books and Income Tax Returns, THEN the loan amount is legal enough, ELSE it is a illegal loan.

2. The "legal" Loan amount is lawfully recoverable ONLY from the Loan-Borrower and guarantors and NOBODY else.

Keep Smiling .... Hemant Agarwal
Read Articles: http://hemantagarwal21.blogspot.in/?view=sidebar

Dr J C Vashista (Expert) 26 September 2015
I agree with expert advise of Mr. Hemant Agarwal.
Besides this, how and why father is responsible for "legal or illegal" loan to his son?

Hari (Querist) 27 September 2015
Thank you

Rajendra K Goyal (Expert) 28 September 2015
Father is not responsible to pay loan given to son in the given circumstances.

T. Kalaiselvan, Advocate (Expert) 01 October 2015
Until his father is a guarantor he cannot be impleaded in the money recovery suit or his properties can be attached.

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