aamit (own) 16 September 2010

GPA

Very very urgent...looking forward to a quick guidance

If i receive a General Power of attorney from my father for a property owned and registered in his name, can i sell the same and if yes, will i receive the payment on sale in my name?

Also, the buyer will be able to register the sale deed in his favour without any issues....right? I will have the right to sign on all documents related to this property as i hold the Power of Attorney including receiving payments against the sale of the property....correct?

Please find the format attached and kindly cross check if it meets my requirements.

Also, will i be liable for capital gain tax, after i sell this property. I saw in the income tax website sayig this:

Exemptions from Capital Gains

In case of Individuals and HUF, long-term capital gains are exempt if the sale proceeds are reinvested in certain assets.

Some examples:

A) Profits on sale of residential house is reinvested in a new residential house.

B) Long term capital gains are invested in notified bonds

These exemptions are subject to certain conditions and the reinvestment has to be made within the prescribed time.

you may check on this website: https://www.incometaxindia.gov.in/general/computation.asp#c2

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6 Replies

ABHIJEET PARIKH (Bcom LLB MBA) 16 September 2010

if GPA is duly registered and stamped then ur authorized to sale the property but it is advisable to make POA specific to the said property

regards to income tax --- long term capital gains

if u sell the house property it is imp to buy a house property within period stated in income tax act u cant buy a commercial premises

aamit (own) 16 September 2010

Thank you sir! However, i am still confused....

What is stamped sir? do i need to pay stmp duty ? or just get the GPA registered on Rs.50 Stamp Paper?

Also, can the buyer whom i will sell pay the amount in my name?

whay did you mean by...."it is advisable to make POA specific to the said property" Isn't the attached document correct?

It would be very kind of you if you can replay me ASAP

ABHIJEET PARIKH (Bcom LLB MBA) 16 September 2010

by word stamped i meant is to register the document properly by paying prescribed stamp duty and notarising it

u GPA will be ur imp document alongwith property papers u can get the amount in your name but same clause should be mentioned in your GPA alongwith selling right clause

also ur GPA is fine but if u had made property specific power of attorney it be better ie by stating the complete address of said flat including all rights of said in your favour

aamit (own) 16 September 2010

Thank you so much again!

You said "by word stamped i meant is to register the document properly by paying prescribed stamp duty and notarising it"

>> by stamp duty you do not mean the stamp duty to be paid for registering the property or gift right (i.e. 6% of property cost) but just the registration fees of the GPa i.e. 1200/- or 1300/- here in Delhi, Rohini.....correct.

You said "GPA will be ur imp document alongwith property papers u can get the amount in your name but same clause should be mentioned in your GPA alongwith selling right clause"

>>please cofirm if the required clause is present in the attached doc.

You said "also ur GPA is fine but if u had made property specific power of attorney it be better ie by stating the complete address of said flat including all rights of said in your favour"

>>this is just the format that i sent you sir! it will be perfect once i fill in the blanks with the correct details ....right sir! kindly confirm.!

amit