Power of Attorney (POA)
Before I answer to your questions, let me classify blood and non-blood relatives
The following people are blood relatives (or close family members):
- Father
- Mother
- Brother
- Sister
- Husband
- Wife
- Son
- Daughter
The following people are non-blood relatives:
- In-laws
- Uncle
- Aunty
- cousin
- Nephew
- Niece
- Advocate
- Agent
- Broker
- and anyone apart from your close family members
Note:
- The above classification is subject to Karnataka.
- In few other states in India, in-laws, Nephews and nieces are considered blood relatives so please check your local regulation for exact information.
Now comes to your question. In property transactions, POA are two types
- POA for Buying
- POA for Selling
POA for Buying:
- POA is used for buying a property
- POA can be given to anyone that includes blood or non-blood relatives
- The Stamp Duty is Rs. 1000 per executant (if POA is registered within India)
- The Stamp Duty is Rs. 500 per executant (if POA is executed in abroad)
POA for Selling:
- POA is used for selling a property
- POA can be given to anyone that includes blood or non-blood relatives
- The Stamp Duty is Rs. 1000 per executant (if POA is registered within India). The stamp for non-blood relatives is 5% of consideration or guidance value (whichever is higher)
- The Stamp Duty is Rs. 500 per executant (if POA is executed in abroad). The stamp for non-blood relatives is 5% of consideration or guidance value (whichever is higher)
My suggestion:
- If you buy a property, give POA to any of your trusted source.
- If you sell a property, prefer to give POA to blood relative to bring down stamp duty cost.
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Thank you for reading…