[ani_meher]

Question for CAs:

If one was to accumulate savings every month over next few years for major purchase, what is the safest and least tax attracting avenue? This is after fulfilling all the 1lakh tax free investment.

[snkjr]

I bought a vehicle in 2008 with a certain down-payment (in cash) and 24 EMIs. For all the 24 EMIs, I gave the NBFC 24 post-dated cheques (in running series according to cheque number). Each cheque was dated a month after the previous (obviously, but wanted to state this fact to make it clear that the cheques were given to one single party - all 24 together).

All cheques have been cleared, and I have the bank statements to prove it. On the other hand I was not given any documents related to this loan/hypothecation by the NBFC. I did insist at the time, but my request was avoided. And as such I do not have any document which says I gave them 24 PDCs.

Now these people have been calling me every now and then, and sometimes quite often, and they insist that some of my cheques had bounced (and that I paid some installments in cash), and therefore there is some penalty payment that I need to make. I have asked them time and again to let me know which cheques have bounced, but they never answer this question. I know for a fact that none of the cheques bounced, and I paid none of the installments in cash.

The other side of this matter is that my bank cleared the cheques as per its workflow. So some cheques got cleared in a couple of days, while some took longer than a week. In a bank's normal working, they are also known to return cheques if they find something is illegible. I don't know if they ever did that, but I'm just stating what could quite possibly have happened. As I see it, I have no control over how the bank runs its business. And if I have given PDCs, it is now up to the NBFC to present the cheques on time, and up to the bank to clear the presented cheques on time. My responsibility is to keep a healthy balance in my account so that all cheques are honored. I can state for a fact that I diligently made sure that the account balance was healthy at all times.

Now lawyers, please let me know how do I stand legally on this issue? Can I safely ask these pesky (and downright rude) callers to buzz off? Or should I be bothered?

Thank you for your time and invaluable advice.

[setuniket]

If all the cheques were cleared by your bank as and when they were presented, you are pretty much covered.

You are not responsible for delay in presentation or clearing, if the same is not attributed to your act or omission.

Account statement reflecting 24 cleared EMI Cheques is enough.

Originally Posted by snkjr

I bought a vehicle in 2008 with a certain down-payment (in cash) and 24 EMIs. For all the 24 EMIs, I gave the NBFC 24 post-dated cheques (in running series according to cheque number). Each cheque was dated a month after the previous (obviously, but wanted to state this fact to make it clear that the cheques were given to one single party - all 24 together).

All cheques have been cleared, and I have the bank statements to prove it. On the other hand I was not given any documents related to this loan/hypothecation by the NBFC. I did insist at the time, but my request was avoided. And as such I do not have any document which says I gave them 24 PDCs.

Now these people have been calling me every now and then, and sometimes quite often, and they insist that some of my cheques had bounced (and that I paid some installments in cash), and therefore there is some penalty payment that I need to make. I have asked them time and again to let me know which cheques have bounced, but they never answer this question. I know for a fact that none of the cheques bounced, and I paid none of the installments in cash.

The other side of this matter is that my bank cleared the cheques as per its workflow. So some cheques got cleared in a couple of days, while some took longer than a week. In a bank's normal working, they are also known to return cheques if they find something is illegible. I don't know if they ever did that, but I'm just stating what could quite possibly have happened. As I see it, I have no control over how the bank runs its business. And if I have given PDCs, it is now up to the NBFC to present the cheques on time, and up to the bank to clear the presented cheques on time. My responsibility is to keep a healthy balance in my account so that all cheques are honored. I can state for a fact that I diligently made sure that the account balance was healthy at all times.

Now lawyers, please let me know how do I stand legally on this issue? Can I safely ask these pesky (and downright rude) callers to buzz off? Or should I be bothered?

Thank you for your time and invaluable advice.

[snkjr]

Originally Posted by setuniket

You are not responsible for delay in presentation or clearing, if the same is not attributed to your act or omission.

Thank you for your view on this. I am thinking on pretty much the same lines. My concern is that since I don't have any kind of receipt for the PDCs I gave them, they may argue that I did not give them PDCs at all and gave them one cheque every month?

And they may argue that I did not give them the cheques on time? Or will it be up to them to prove this supposition? Excuse me, but I'm just thinking of the possibilities

[ontheroad]

Dear all,
I had an accident about 6 months back with a bike. The biker and his baby had minor injuries and his wife was admitted in ICU for 3 days for observation. Nothing serious. A police case was registered and all my papers were correct. Yesterday I got a registered post from motor accident tribunel asking me to be present for hearing before court as they have registered a claim before it. My friends says to ignore it as the insurence company will take care of it. Should i really go to the tribunal? Thanks in advance for your reply.

[faustus77]

Originally Posted by ani_meher

Question for CAs:

If one was to accumulate savings every month over next few years for major purchase, what is the safest and least tax attracting avenue? This is after fulfilling all the 1lakh tax free investment.

Ani Meher
Hi
Consider investing in debt funds.Though not guaranteed they give decent returns(taxable) and post tax it is more advantageus due indexation,provided held for than a year.If lsee than 1 year they attract short term gains.
Or you can go in for recurring deposits with bank.Or bank fixed deposits
Gold or equity mutual funds will depend on the market prevailing at the time you want to redeem.
Hope this helps
Regards
PS:I am not a CA.For my daughter I have recently invested SBI dynamic bonds.

[setuniket]

Originally Posted by snkjr

Thank you for your view on this. I am thinking on pretty much the same lines. My concern is that since I don't have any kind of receipt for the PDCs I gave them, they may argue that I did not give them PDCs at all and gave them one cheque every month?

And they may argue that I did not give them the cheques on time? Or will it be up to them to prove this supposition? Excuse me, but I'm just thinking of the possibilities

No worries, let them prove whatever they claim, you did your part by paying back the debt. However, I would recommend you to check CIBIL records for any adverse entry in this regard.

Originally Posted by ontheroad

Dear all,
I had an accident about 6 months back with a bike. The biker and his baby had minor injuries and his wife was admitted in ICU for 3 days for observation. Nothing serious. A police case was registered and all my papers were correct. Yesterday I got a registered post from motor accident tribunel asking me to be present for hearing before court as they have registered a claim before it. My friends says to ignore it as the insurence company will take care of it. Should i really go to the tribunal? Thanks in advance for your reply.

You should, it is notice to appear and respond to claim for damages and other expenses due to the accident. Usually lawyer engaged by the Insurance companies take care of the Litigation on your behalf, I would recommend you to contact your insurance company or engage a lawyer to defend your case.

[ontheroad]

Originally Posted by setuniket

You should, it is notice to appear and respond to claim for damages and other expenses due to the accident. Usually lawyer engaged by the Insurance companies take care of the Litigation on your behalf, I would recommend you to contact your insurance company or engage a lawyer to defend your case.

Thanks Setuniket, I have given "vakalat" to a lawyer to represent me.

[paras211]

I live in a co-op society. Since a few years the number of cars has exceeded the parking space available. There has never been designated parking for each car, park wherever you wish.
Now the management have decided to allow only one car per flat, IS THERE ANY WAY I CAN CONTEST THIS ?
The problem being that I have a gypsy with a soft top which I cannot park on the road and so the 3 other daily drives are out on the road which is a bit of a walk from the building and is a big irritation since we have been used to parking inside the building since 20 years, and its a pain when its raining or late in the night for ladies etc .

HELP!!

Edit- Earlier we used to manage by parking and blocking another car, the guy with the blocked car calls and someone moves the car, it was an effort at 6am but we have never refused to co-operate, even to kids who needed space to play moved our cars.

[apachelongbow]

Originally Posted by paras211

I live in a co-op society. Since a few years the number of cars has exceeded the parking space available. There has never been designated parking for each car, park wherever you wish.
Now the management have decided to allow only one car per flat, IS THERE ANY WAY I CAN CONTEST THIS ?
The problem being that I have a gypsy with a soft top which I cannot park on the road and so the 3 other daily drives are out on the road which is a bit of a walk from the building and is a big irritation since we have been used to parking inside the building since 20 years, and its a pain when its raining or late in the night for ladies etc .

Disclaimer: I am not a lawyer, so you need to consult with a real one. However as per housing society byelaws, if the majority of the managing comittee decides and agrees to a resolution regarding restricting of one parking per flat, and it is agreed in the AGM, it turns into a law, however unfair it seems to you. As long as this law is not termed/seen as unfair to any person (unlike a law which says pets not allowed on lifts for example), even the high court cant grant you relief.

May be you can suggest to your management to mark out designated parking lots/spaces for each flat and rent them out per month to each member, and if any member (in this case you) need more parking lots, you can rent out 3-4 lots for yourself.

[carboy]

IANAL

Originally Posted by paras211

Now the management have decided to allow only one car per flat, IS THERE ANY WAY I CAN CONTEST THIS ?

How many parking spots are there in the building? If every house which has a car (or cars) got exactly 1 parking spot, are there still parking spots left?

Originally Posted by paras211

Edit- Earlier we used to manage by parking and blocking another car, the guy with the blocked car calls and someone moves the car, it was an effort at 6am but we have never refused to co-operate, even to kids who needed space to play moved our cars.

I get very irritated if someone does that to me in my building. Even at normal times, it takes someone 10 minutes to come down & move their car. I assume it takes much more than 10 minutes at 6:00 am. I really don't want to wait for someone 10 minutes to move his car before I can get my car out. I have had a fight when this has happened to me a couple of times in my building.

[paras211]

Well yes there are a couple of space and a few flats who don't have a car. One such owner having 2 flats and one car offered me his space too. But the society management is being mean and saying " not allowed "

[mb_jg]

Need some clarification from lawyers for a friend of mine. My friend wanted to dispose off his house, the sale deed & mortgage are in his name, the loan documents however have the wife's name as the co-applicant but she has not made any financial contributions towards the purchase of the house, neither did she have a job at the time of applying for the loan.
Now this guys wants to sell his house since his wife has decided to move back to her hometown with their kid & he doesn't want to be burdened with the mortgage & managing the house expenses by himself. Can he sell the house without any intervention? He is worried that his wife might refuse to sell & continue having him pay the mortgage. He basically wants to get rid of the mortgage now that the wife & kid are not living there anymore.

[vikram_d]

Originally Posted by paras211

Well yes there are a couple of space and a few flats who don't have a car. One such owner having 2 flats and one car offered me his space too. But the society management is being mean and saying " not allowed "

I'm no lawyer, but the society cannot interfere in the private matter of two residents which this happens to be. The other flat owner has an allotted parking space and he can what he pleases with it. That is how I have seen it work in all apartments.

[setuniket]

Originally Posted by mb_jg

Need some clarification from lawyers for a friend of mine. My friend wanted to dispose off his house, the sale deed & mortgage are in his name, the loan documents however have the wife's name as the co-applicant but she has not made any financial contributions towards the purchase of the house, neither did she have a job at the time of applying for the loan.
Now this guys wants to sell his house since his wife has decided to move back to her hometown with their kid & he doesn't want to be burdened with the mortgage & managing the house expenses by himself. Can he sell the house without any intervention? He is worried that his wife might refuse to sell & continue having him pay the mortgage. He basically wants to get rid of the mortgage now that the wife & kid are not living there anymore.

Going by what you have stated that the property is only in his name. If that is the case then he is well within his rights to dispose off the property.

Being mere co-applicant in mortgage with bank would give her no right to object for sale (not considering the situation of a matrimonial dispute).

All he needs to do is pay back the loan, get his documents from the bank and he is free to sell off the property.

Is their marriage estranged?