02 December 2011
Dear Sir, I have lend money of Rs.1 Lakh on promissory note my Qstion is. 1)what the stamp to be affixed in Maharashtra State ? 2)whether the amount of Rs.1 Lakh can be lent in cash on the basis of promissory note? 3)Are Witnesses are required in P.Note? 4)How much money can be lent on the promissory note? I have taken Cheque of Rs.1 Lakh as additional security now he is defaulter can the above documents would be sufficient.there is also above entry in my books of account.
02 December 2011
Stamp Duty on receipt is Re. 1 for receipt above Rs. 5,000. Receipt includes any note, memorandum or writing [whether signed by any person or not] (a) where any money, or any bill of exchange or promissory note is acknowledged to have been received
CAclubindia
