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. My uncle is a farmer and he owns a new house (ground floor and first floor) and farmland (1.67 hectares) worth 33 lakes. With my money, he paid bank loans, he took loans to others for higher interest rates.
He refuses to pay me interest and plans to pay the interest on the capital in several tranches, provided he receives profits in agriculture. 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. “Such a contract/contract is not valid if your wife asserts her right to property and uses a legal option to do so. The Hindu marriage law and other related acts will end the agreement signed between you and your wife. You should not accept such agreements, because it will complicate things in the future. I used a bank loan from a PSU bank, and the same thing was sold as NPA to an asset reconstruction company. Now they claim to either make a single bill of 1.3 l or pay them in EMI.
But they are not prepared to provide proof of payment. When asked about evidence, they say the Chellan that can be considered proof of payment and will process the NOC certificate after 15 days from the date of the final payment.