Interest-free loans are not taxable in the hands of the lender or borrower. But if you calculate interest, then the interest they add up on loans should be treated as “income from other sources.” This income should be included in your income tax return (lender). A certificate must be printed on a stamp paper and must be sealed and signed by a notary. A debt cannot be changed or changed. Hello Sreekanth, I am ashish, I gave my uncle the sum of 7lakhs 50 thousand to 1.5% interest per month. We wrote a four-year deal. he didn`t even give me the amount of interest (he used to give some money for my expenses if desired) I asked him to be accurate in terms of money. I asked him to write everything down transparently and on paper. As the date of the agreement approached, I asked him to look at our account to avoid any misunderstanding about the money. He denies checking the accounts and asks me to execute another agreement because he is not able to pay the amount. In fact, he doesn`t give me a specific date when he`ll pay me back. Propose a solution to this problem. (My concern is that if my uncle suddenly retires, the family members will not safely reimburse me).) That`s my concern and asked my uncle to make them family members to sign on the agreement (or surity), he also denies that.
In fact, our agreement will be concluded on the 14th of this month. Please give a solution to my problem, I am concerned, because I only have this money for my savings. The loan agreement should not be a registered document. Dear Sir, my mother had granted cash loans to the known person. The loans were made in good faith and with the assurance that they will be repaid when necessary and with interest. However, the insurance turned out to be a big lie and the person started to avoid all our calls. We got blank cheques signed by her and we too got to sign it on the change of sola. We also have a photocopy of their real estate document.
These are the only documents we have. Now, even after repeated requests, this person dodges the payments and there is no indication that the money is returned. This causes great psychological torment for us within our family and has forced us to have a strained relationship with my mother, who is 65 years old and who has affected her mental and physical health. I worry about losing my mother because of this tension. In addition, I learned that he had threatened to declare himself a loser in the run-up to the court. This statement from him stifled our hopes of getting the money back from him.