Two years ago, I set up a primary school, and the owner of the place insisted on being a partner. In the first year, I set up the school and handled everything. No partnership deed was made, nor was a school account opened. All fees were deposited into my account. In the second year, a partnership deed was signed, and a school account was just set up. All fees and transactions were still being done through my personal account. However, the issue now is that I need a loan and require proof of income. Each month, I could keep 30,000 for my remuneration from the fees deposited. So, what proof can I show for the loan?
From India, Mumbai
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1From India, Mumbai
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Dear Sabiksha,
In the first year, you had an oral partnership with another partner. The business operated on trust. Quite appreciable! However, this very trust-based relationship has become an obstacle in getting a financial loan. Since you do not have any documents to prove that you were a partner, nothing can be done per se. Nevertheless, you were drawing Rs 30,000 per month. In that case, did you draw Rs 360,000 in the last year? If yes, then did you file an Income Tax Return for the last Financial Year (FY)? If yes, then based on the strength of the IT return, you may ask for the loan. Of course, this may not work either. However, this is the only option that you have to get the loan.
Thanks,
Dinesh Divekar
From India, Bangalore
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In the first year, you had an oral partnership with another partner. The business operated on trust. Quite appreciable! However, this very trust-based relationship has become an obstacle in getting a financial loan. Since you do not have any documents to prove that you were a partner, nothing can be done per se. Nevertheless, you were drawing Rs 30,000 per month. In that case, did you draw Rs 360,000 in the last year? If yes, then did you file an Income Tax Return for the last Financial Year (FY)? If yes, then based on the strength of the IT return, you may ask for the loan. Of course, this may not work either. However, this is the only option that you have to get the loan.
Thanks,
Dinesh Divekar
From India, Bangalore
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Loan application form.docx
Address Proof Application form.pdf