son in debt
2 years ago
mere bete ne karz liya hai...unse karzdaro ko cheque de rakhe hai...ab karzdar mujse paise maang rahe hai...aur damki de rahe hai..ki agar meine nhi diye to wo mujpar legal action leghe
It is common known that if there is one thing that lenders truly desire, it is the return of their funds. There is no law prohibiting parents from freely repaying their child's debt. Once the loan is paid in full, the tax benefits are no longer available. However, putting the tax issue aside for the time being, there is no reason why a parent cannot pay for their child's debt. They can seek to get you to pay because you are the legal representative nothing else.
Thank you.
Lucem Leg
Responded 2 years ago
A.Dear Sir,
It depends on whose name the cheque is issued by your son, if the cheque is in the name of your son's name then your son is only liable to pay and if your name is mentioned on the cheque then liability will be made upon you. Also if you are senior citizen then you can file the complaint against those persons who are threatening you before the concerned SDM.
Ayantika Mondal @ Prime Legal
Responded 2 years ago
The age of your son will decide whether you are obliged to pay the loan on behalf of your son or not. There is no regulation that prohibits parents to willingly pay for their child’s loan. In case your son is bankrupt or does not work then you have to repay it as his legal guardian.
Thank you.
Sidhaarth
Responded 2 years ago
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