You need to get it adjudicated first before the sub registrar office
Film Artist Individual Loan 7 Crore from co. in how much stamp paper agreement should be executed?
If we give a loan to a film artist of Rs. 7 Crore, in return he gives he will pay the money before release of the film. It should be in how much stamp paper?
Asked 4 years ago in Criminal Law
Religion: Hindu
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12 Answers
Hi ,it is more secure if you get the agreement registered ..Also take a PDC cheque for the relevant amount to secure your payment in future ...Thank you
Art. 5(h)(A)(iv)
(i) If the loan amount secured does not exceed Rupees Ten Lakh - 0.1% of the amount agreed in the contract subject to minimum of rupees 100.
(ii) If the amount exceeds Rupees Ten Lakh - 0.2% of the amount agreed in the contract.
Loan agreement is a contract . Such agreement is to be executed on stamp paper of value Rs. 100 only.
You need to execute a Promissory note on plain paper with Revenue stamp affixed on it.
The promissory note must be signed by at least 2 witnesses.
Get a passport size photo signed by the borrower as well.
This is enough to ensure your money in which stamp paper is not necessary.
See company can give loan to individual for same a loan agreement can be prepared and as far as I am aware of 0.1 percent of total amount as stamp duty has to be paid though confirm with the local advocate as it depend upon state to state.
This essentially boils down to the stamp act prevailing in your state, Hence, only a local lawyer can answer this.
If amount is more than one lakh rupees,one hundred value stamp is require
You can execute the loan agreement on stamp paper of rs 500 only it doesnt matter what the loan amount is.
You can take some property or cheque as additional security of your loan.
Rs 500 stamp paper.
In Mumbai the stamp paper shall be for Rs. 500/- and the loan agreement may be written in a non judicial stamp paper worth Rs. 500/- besides obtaining a promissory note.
- You should to enter into a Loan agreement with the Artist , because A loan agreement is a contract between a borrower and a lender which regulates the mutual promises made by each party.
- In this loan agreement you should mention specific terms with detail exactly what is given and what is expected in return and when etc. and further it should be prepare in the presence of two witnesses .
- It should be on the non judicial stamp paper of at least Rs.500/-.
- Further , if there is guarantor for the said loan amount , the you can also enter into an Guarantee Agreement as well , with the third party to assured your loan amount.
