I am planning to get some money (huge amount) from my friend what are all the legal things we should be followed so that we should not end up in some trouble and how we can do the transaction. Please help me. Thanks in Advance.
Under Section 269SS of Income Tax Act you cannot do cash loan transaction above Rs. 10000/- therefore you have to do transaction by cheque or demand draft only. You need to have an agreement executed between both of you to legally validate the transaction.