We need information on hand loans of above 50000/- and lakhs of rupees giving by a govt employee( whose salary is around Rs.2lacs per annum) to any body who asks for the hand loans without any documentary evidence ???
krishna
krishna (sr.executive finance) 29 January 2011
We need information on hand loans of above 50000/- and lakhs of rupees giving by a govt employee( whose salary is around Rs.2lacs per annum) to any body who asks for the hand loans without any documentary evidence ???
krishna
M V Gupta (Advocate) 29 January 2011
Not at all advisable. Under the Income Tax Act, any payment above Rs. 20,000/- should be by cheque. It is advisable to take a promissory note from the borrower for the amount lent. Mention cheque number in the promissory note. Pl note the validity of the p.note is three years from the date of the note, within which if the amount is not repaid u should file suit for recovery of the amount or get an endorsement of part payment on the note itself to save the limitaion period. P. Note attracts stamp duty (revenue stamps of appropriate value) and the suit if any filed will be a summary suit and will be disposed of early.
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