Yes, you can bring back money you previously borrowed from a friend in India. More like pratyush. Does he agree (the man) to keep the property in his name? Is he ready for a loan deal? I think they can make a normal “credit contract” that mentions all possible terms and conditions according to their requirements. However, a risk that, when signing a loan agreement, is that if the borrower does not return the amount borrowed, your credit note is also affected. A friend of mine wants to invest in my next start-up in India, but me and he are living abroad right now, he wants the money for equity, he also wants to invest in contract paper before I register the business. It`s possible? A solution? Dear Sarfaraz, but you don`t pay interest properly, so no tax benefits u/s 24. You cannot claim refunds at u/s 80c. This only applies if you take out the loan from a bank or financial institution, both can enter into a formal agreement, so there is no problem and each tax notice (if any) can be applied. The three-year limitation period for actions to recover funds borrowed under an agreement, under which they must be paid upon request. Therefore, the decision to calculate interest is only your appeal.
It is important to note that if you decide to calculate an interest rate to your friend on the amount of the loan, the same is counted as your taxable income. Dear guest, thank you for your reply and I also appreciate your response. Still want to know if I do, it is possible, without registratton as nbfc, etc. given by rbi and I can calculate interest on the amount of the loan. So what agreement will be beneficial to me: a. Solawechsel, or/and b. Loan contract 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. Mr. Reddy, thank you very much for operating such an informative platform, my questions have been misplaced, but related to the subject. A year ago, we sold the gold of our ancestral family to a neighbour, because he was paying about 5% more than the jewelers. It was sold for 10 35,000. 35,000 were paid in cash and the remaining 10 deficits were transferred to my father`s account via NEFT.