Experts, My uncle given Rs. 10 Lacs+ to one of our family member (daughter of his brother) , at that time uncle signed a simple A4 size typed paper by saying we are gifting this money (no legal stamping or notary done) and the verbal understanding was , the borrower will pay normal bank interest for three years and then return the amount after three years, but after one year , borrower stopped paying any interest and now it is past 3 years , but the borrower are refusing to pay back the money... please suggest the legal options to get the money back... and if possible provide the laws around this with some past ruling...
1) claim is barred by limitation . you should have filed suit to recovery money advanced with interest within period of 3 years
2) when your uncle has in his own writing written Rs 10 lakhs is given as gift where is question of repayment ?
3) there is no agreement to pay interest too .
4) try to involve family elders to resolve this issue
when your uncle has in his own writing written Rs 10 lakhs as gift where is question of repayment
option -4 was already executed but they are refusing to pay, is it possible to get it back by any legal law as there is no legal paper (money was given by cheque )
that was done to save the borrower from incometax... now the lender wants his money back
1. What are the contents of the 'A4 sized typed paper'? Has the liability of the borrower been specifically mentioned therein? Is there an agreement with respect to payment of interest on the principal amount lent?
2. A verbal agreement does not have the force of law and is thus unenforceable at law.
3. Your uncle could have moved court within 3 years. The legal claim to recovery of money is now barred by the law.
1) you have no case for recovery of money . verbal agreement for interest has no sanctity in eyes of law .
2) you may have for income tax purposes mentioned it as gift to the borrower . but the borrower will rely upon same document to demolish your case .
3) your claim is also barred by limitation . you will only waste your money in court fees and legal expenses if you file case
It is apparently a time barred case.However, if you supply copy of 'signed a simple A4 size typed paper' and also tell exact date till when he paid interest and amount of that payment of interest and by which mode whether cash or cheque. Have payment of interest for one year been acknowledged in writing. If you clarify the above, then your matter can be examined from a different angle. You may talk to me on phone, if so desire.
When the money is given as 'gift', then there is no hope of getting the money back.
Dear client,When your uncle has given aforesaid money as a gift then how is it possible to repay the amount if not mention in the agreement then with delay condonation you file a money recovery suit in front of court and resolve your problem but immediately issue a legal notice to opposite party if need moree clarification then contact us.
Advocate Anurag Bhatt.
