payment receipt forbuying a car

MANJEET SINGH (Querist) 01 September 2010 This query is : Resolved
can simply having a receipt on a ten rupee stamp paper legally binding

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s.subramanian (Expert) 01 September 2010
If it is for the purchase of a car,it is enough and legal and binding.

Parthasarathi Loganathan (Expert) 01 September 2010
There was a case in my bank where when we granted a loan for purchase of a second hand vehicle, the seller disagreed to sign F29 and F30 on the pretext that the purchaser's stamp receipt is invalid and will not legally bind his sale. I intervened and tactfully pacified to complete the documentation procedures. However, I am of the opinion that if the purchaser parts the sum by means of a cheque, and payment of the same by the bank is a solid proof to act as receipt. His entries in passbook showing the transaction is a always legally protected. Please correct me if I am wrong Sir.

Devajyoti Barman (Expert) 01 September 2010
Any agreement or acknowledgment on even a plain parer is valid. Only when the dispute reaches the court then the deficit stamp duty is to pay for its formal proof.

Uma parameswaran (Expert) 01 September 2010
It is valid.

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