Non refund of loan paid
This query is : Resolved
06 April 2021
I had paid Rs. 10.00 lac as unsecured loan (as you know) to one of my friend before 5 years. Inspite of my many requests and reminders, he neither pays me any interest nor he agrees to refund my my loan. What is the alternative now for me ?
06 April 2021
Do you have any valid signed documents like promissory note. Is it paid through bank.
06 April 2021
Of course, the said loan was paid vide bank cheque, but I do not have any promissory note.
06 April 2021
Ask him to sign a promissory note to repay the loan in next six months to legally proceed against him. If he is not signing the documents, you have evidence of payment you can threaten him that you will report the matter to income tax authorities that non repayment will attract income tax and penalty treating it as gift.
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