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Promissory note for loan from mother

(Querist) 02 September 2017 This query is : Resolved 
I am planning to take loan from my Mom for buying an apartment. i want to make it legal as I want to claim tax on interest paid under section 24. I understand i need to make a promissory note. My question is
1. Should the promissory note be made on a stamp paper ?
2. Does it need a signature from Notary ?
Report Abuse
R.K Nanda (Expert) 02 September 2017
1.no.
2. printed forms of pronote are available in market.

3.it does not need signature of notary.

4. affix revenue stamps on it.
Rajendra K Goyal (Expert) 02 September 2017
Agree with the expert R.K. Nanda.
Advocate Bhartesh goyal (Expert) 03 September 2017
Beside the promissory note you should get receipt of loan amount.

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