Power of Attorney by NRI
Vivek
(Querist) 14 January 2011
This query is : Resolved
Hi,
I have come to UK for work for 3 years (out of which 6 months has been completed)
I am not sure whether this makes my status as NRI or not.
I want to buy a property in Gurgaon and need to understand the legal aspects of power of attorney.
Can I
1) execute a Power of attorney in favour of my In-laws ( as they are in Gurgaon) or other relatives (not blood relation) to buy / invest in a new project in Gurgaon on my behalf.
2) Which one is better - to do this POA from outside India or within India ( I am coming to india in 2 weeks time)
3) What is the process of execute this POA. On stamp paper of how many Rupees ?
4) If it needs to be registered, what are the charges involved.
5) If I need to revoke this POA< how should I do this.
Thanks for your help.
Vivek
A V Vishal
(Expert) 14 January 2011
1) execute a Power of attorney in favour of my In-laws ( as they are in Gurgaon) or other relatives (not blood relation) to buy / invest in a new project in Gurgaon on my behalf.
Ans. Execute a SPA instead of a POA, however, executing it in favor of other than blood relatives will attract more stamp duty.
2) Which one is better - to do this POA from outside India or within India ( I am coming to india in 2 weeks time)
Ans. If your in India then it is best to execute it in India.
3) What is the process of execute this POA. On stamp paper of how many Rupees ?
Ans. Once you are in India, visit the Registration department they will provide the complete details.
4) If it needs to be registered, what are the charges involved.
Ans. Registration charges are minimal.
5) If I need to revoke this POA< how should I do this.
Ans. As advised, since you execute a SPA it revokes automatically on the completion of the work for which it was executed.
Vivek
(Querist) 14 January 2011
When u say - executing it in favor of other than blood relatives will attract more stamp duty.
How much stamp duty will be - in case of relatives & non-relatives...
A V Vishal
(Expert) 14 January 2011
Stamp duty varies from State to State, contact the local Registration office.
Sri Vijayan.A
(Expert) 15 January 2011
1) YOU CAN EXECUTE TO ANY BODY (RELATIVE OR NOT)
2) WITHIN INDIA IS BEST SOLUTION (IF U VISIT WITHIN 2 WEEKS)
OTHERWISE, U CAN EXECUTE A POA AND GET IT ATTESTED BY A NOTARY OR INDIAN CONSUL OFFICERS AND THEN SEND THE POA TO INDIA.
IN INDIA, IT HAS TO BE ADJUDICATED BY DISTRICT REGISTRAR
3) STAMP DUTY VARIES FROM STATE TO STATE. IN TAMIL NADU, IT IS Rs.100.
IT DOES NOT DEPEND ON HOW U R RELATED.
4) STAMP DUTY Rs.100, REGISTRATION FEE Rs.50 (AS IN TN)
5) YOU CAN REVOKE IT AT ANY TIME
