Hi,
I am planning to purchase a property in BLR. Below are the details and my question.
Property was sold by Sharada to Thomas in 1988. Thomas purchased through his power of attorney in the name of Mathews as he was living in Dubai. Later in 2005 Thomas sold the property through his new power of attorney Mrs. Mathews as Mathews had expired by that time. Now all the property papers are good, however the power of attorney signed by Thomas along with Consulate of India in Dubai in the name of Mrs Mathews is not registered or stamp duty was not paid. Also this paper was signed in 1997 and property was sold in 2005. This property was purchased by Kala in 2005 and she constructed the house in 2006 by taking license from BBMP. She is paying tax and staying in that house till date.
My question is as required stamp duty is not paid in 1997 for the power of attorney papers what problems I may face? What is the remedy? Can I go ahead and purchase this property? I understand that SBI will not give loan because of stamp duty not paid, I have to check which bank can give loan.
Regards,
Umesh
