Hi all
I loaned 2.5Lakh and 1Lakh respectively from my friends and relative for buying a land.I need the permissory notes as a proof of source of income tax purposes.
Do I need to sign it on a stamp paper?
If yes of what value?Does it need to be notified?
As I said this document is only for tax authority if need arises.Friends have given me on good faith and does not require any documents.
I got the template of the permissory note as
" I, Sri._____________________ S/o. _________________________
promise to pay Sri.___________________ S/o.________________
_____________ or order, the sum of Rs.______ (Rupees______________only)
Place:
Date: Signature. "
