Can a person with power of attorney sell property?
When it comes to buying or selling a property Power of Attorney is not a valid instrument to transfer property titles. … The seller will also have to bear the burden of capital gains tax on the transaction. By transferring property title through a General Power of Attorney, these charges are avoided.
How do I get power of attorney to sell my house in India?
Power of Attorney by Non- Resident Indians (NRI)
- The first step for an NRI is to draft the Power of Attorney on a plain paper with his/ her own signatures.
- The following step is to visit the Indian Embassy or Consulate in that country and get it stamped and sealed from the Indian Embassy.
Can NRI selling property in India with power of attorney?
NRIs generally issue power of attorney to their Indian relatives, friends or family members. They cannot be present physically in India for all transactions. In case of transfer of property by sale, an NRI must mention the reason for issuing the PoA. It must contain the relation of the NRI with the agent.
Is power of attorney transferable in India?
“A power of attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property,” the bench said, after interpreting various provisions of the law concerning property sales. … However, overall there won’t be any significant impact on normal property sales.”
What are the disadvantages of power of attorney?
What Are the Disadvantages of a Power of Attorney?
- A Power of Attorney Could Leave You Vulnerable to Abuse. …
- If You Make Mistakes In Its Creation, Your Power Of Attorney Won’t Grant the Expected Authority. …
- A Power Of Attorney Doesn’t Address What Happens to Assets After Your Death.
What is the rule of power of attorney?
The power of attorney is the unilateral document wherein donor or the principal gives authoritative power to the agent by signing the document and the agent’s sign is not always required. A power of attorney can be executed by any person who is competent to enter into a contract.
Is a power of attorney valid if not registered?
Unlike an EPA, an LPA is not valid unless it has been registered. Alternatively, you could keep your EPA but make and register an LPA to deal with your personal welfare in case you lose your mental capacity. EPAs can’t be used to look after someone’s personal welfare.
How much does it cost for power of attorney in India?
Generally, the stamp duty payable for a power of attorney is Rs 100. For registration , the fee payable is also Rs 100. For a general power of attorney given to promoters and developers, the stamp duty applicable is Rs 1000 and registration charges are Rs 100.
What is the validity of power of attorney in India?
Durable PoA: A durable POA remains effective for a lifetime, unless it is explicitly cancelled. A specific clause can be inserted in the document, stating that the representative’s power would remain valid even if the principal becomes incapacitated.
How does an NRI get power of attorney?
“In India, the NRI can get the PoA executed in the Sub-Registrar’s office. However, the POA should be drafted on a non-judicial stamp paper of Rs 100 value. Also, two legal representatives and witnesses would be required to execute the deed. All the members should have their valid ID proofs and photographs.
Can NRI sell property in India without going to India?
An NRI can sell his/her residential or commercial property to either a person residing in India, another NRI or a person of Indian origin (PIO). … However, if the property is an agricultural land or farming development, it can only be sold to a resident Indian citizen.