Loan agreement
2 years ago
Is it legal if i have transferred some money on 3 different dates in the past to spouse for her business needs ( on a gap of 15 days between each transaction) and after all transfers make one loan agreement mentioning all 3 transaction details , with money return date in future and interest as a single loan agreement.
A.Hi,
No, there is nothing illegal in your transaction. RBI has mandated that for every transaction above Rs. 50, 000, your PAN number has to be quoted. Besides that you can include these transaction in a single loan agreement. There is nothing illegal in doing that.
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No, there is nothing illegal in your transaction. RBI has mandated that for every transaction above Rs. 50, 000, your PAN number has to be quoted. Besides that you can include these transaction in a single loan agreement. There is nothing illegal in doing that.
If you like my answer, please rate me.
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A.No there is absolutely no problem in doing the transaction as mentioned above and showing them as one loan under a single loan agreement. Just that when you prepare the loan agreement you will have to be mention the three transactions accordingly in the agreement.
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