Unssecured business loan-proof
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2013
dear sirs,
I have started a small proprietory construction business.As I need funds I have talked to my sons to give me business loan of 5 lac each at 12 percent per annum simple interest to be payable at the completion of a particular running project or on demand (if urgently needed by them).My Sons are going to transfer the loan amts. in my business account through cheques.
My Question is should we execute a simple agreement for loan on 100 rupees stamp paper as proof if required my income tax department?
Is it necessary to get the abovementioned notorised by a notary public?
Is any other document required for proof?
pl respond soon
Thanks
I have started a small proprietory construction business.As I need funds I have talked to my sons to give me business loan of 5 lac each at 12 percent per annum simple interest to be payable at the completion of a particular running project or on demand (if urgently needed by them).My Sons are going to transfer the loan amts. in my business account through cheques.
My Question is should we execute a simple agreement for loan on 100 rupees stamp paper as proof if required my income tax department?
Is it necessary to get the abovementioned notorised by a notary public?
Is any other document required for proof?
pl respond soon
Thanks
Rupesh Jain
(Expert)
26 August 2013
MAKE NOTRISED WITH NOTARY PUBLIC IT IS SAFE SIDE FOR IN FUTURE
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Gift to nri relatives residing in usa
- GST input credit on commercial property
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
