As an NRI from Australia sells property in India, General power of attorney (GPA) is possible for blood relatives and non-blood relatives but we have few consequences when giving GPA to non-blood relative
NRI Buying:
As an NRI, when you buy a property in India, you can give GPA to anyone including blood and non-blood relatives.
Blood relatives are: Father, Mother, brother, sister, husband, wife, children,
Non-blood relatives are: cousins, friends, colleagues, advocates, or broker
The stamp duty for GPA adjudication in India is just Rs. 500/-per executant (for buying property)
NRI Selling:
As an NRI, when you sell a property in India, you can give a GPA to anyone including blood and non-blood relatives. The Stamp Duty for blood and non-blood relatives is different:
- The stamp duty for blood relatives is Rs. 500
- The stamp duty for non-blood relatives is 5% of selling price or guidance value, whichever is higher
For example: Let’s consider that you want to sell a 3BHK flat in Bangalore India. The selling price is Rs. 80 lakhs and the guidance value is Rs. 55 lakh
If you give GPA to blood relative, the stamp duty is Rs. 500 irrespective of selling price
If you give a GPA to non-blood relative, the stamp duty is Rs. 80 lakh * 5% = 4,00,000/-. This Stamp Duty is paid at the time of GPA adjudication in India.
We suggest you issue GPA to blood relatives to avoid hefty stamp duty and also blood relative considered trustworthy. OR you can issue Speical Power of Attorney (SPOA) to anyone, the stamp duty for SPOA is Rs.500 per executant for selling property
We provide end-to-end assistance to obtain a GPA. To opt for our service, please write to us pgnproperties@gmail.com or WhatsApp to + 9 1 – 97424 79020.
Thank you for reading…