07 April 2016
One of my friends is in USA and his wife is in India.His wife is expecting some money from his husband so that she can take a piece of land and construct a house in Hyderabad.But
she wants to keep the property on her name and she is ready to pay back in the future (interest & Principal amount) to her husband.Now what sort of loan contract should be created
between wife and husband and the loan contract should be trouble free even in case there is any problem in the future like divorce/separation etc.
09 April 2016
SIMPLE LOAN AGREEMENT. ONLY POINT TO BE MENTIONED THAT IN ANY CASE THE PROPERTY HAS NOT BEEN HYPOTHCATED TO THE HUSBAND AND THE HUSBAND SHALL HAVE ANY RIGHT ON PROPERTY. HOWEVER, FOR FAILURE TO REPAY THE LOAN THE HUSBAND SHALL HAVE RIGHT TO SUE THE WIFE FOR THE AMOUNT ALONG WITH THE INTEREST ACCRUED THEREON
I came across the following in one of the websites where they are talking about such contracts between wife and Husband (Signing the contract and later on going for the divorce).
"Such contract/agreement will not remain valid in case your wife claims her right over the property and take legal option for this.The Hindu Marriage Act and other related acts will override the agreement signed between you and your wife. You should not go for such type of arrangements as it will complicate the matter in future."
13 April 2016
I will suggest rather than Loan you should go for Gift. You can take a gift from your Husband (which is exempt under income tax act) supported by Gift deed. And in future you wanted to pay back to him then you can also give gift to him.
CAclubindia
