Loan to relative

Adv Vikramsinh Mohite (Querist) 10 April 2013 This query is : Resolved
Dear Experts,

I have given interest free loan of Rs.50000 to my relative for constructing his house. He is not returning the money from the last 2 years. What should I do now?

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prabhakar singh (Expert) 10 April 2013
Was it given in cash or by cheque?

Was any refund cheque given by him?

Or any other paper work like pronote or hand note executed by him in your favor?

If you have answers in negative to all my questions then persuasion with perseverance
is the only remedy.

Adv Vikramsinh Mohite (Querist) 10 April 2013
Will it help if i have witnesses who were present at the time of giving cash?

prabhakar singh (Expert) 10 April 2013
May or may not. it would be possible to assess only when their evidence is concluded.

Adv k . mahesh (Expert) 10 April 2013
try to take cheque from him so that in another way you can sue him

CA Ayush Agrawal (Expert) 10 April 2013
Only Prosecution Option is There.
Because Even he can present witness that he have refunded money...
better try to settle mutually.
because nothing is there in court.
and since amount is not huge, try to settle it mutually.

ajay sethi (Expert) 10 April 2013
use services of some elders in family to pressurise him to return . you dont have anay evidence of cash loan . he will deny that any cash loan has been given