Irrevocable power of attorney for residential flat
Mehta
(Querist) 30 December 2016
This query is : Resolved
(i) Sale through POA holder not having any blood relationship is valid and legal ?
(ii) Irrevocable POA is a legal documents ? Registration with Sub-registrar is mandatory, what is stamp duty & registration fee.
(iii) What is the validity period of Irrevocable POA, is it on permanent basis.
(iv) Grantee of POA can be more then one.
(v) POA can be given to other then relative
Ms.Usha Kapoor
(Expert) 31 December 2016
power of attorney is revocable if the principal reserves the right to revoke the power at any time. Once the principal revokes the power, the agent can no longer act on the principal's behalf. But a power of attorney can be made irrevocable if the document includes a provision that specifically states that the principal gives up the right of revocation or otherwise indicates that the power is irrevocable. As a practical matter, an irrevocable power of attorney is rarely used and is typically limited to a specific purpose.
Uses
The most common use for an irrevocable power of attorney involves transactions in publicly traded stock. Shareholders unable to attend the yearly general meeting may use an irrevocable power of attorney to give another shareholder the right to vote their shares, commonly known as proxy voting. To give the corporation's directors assurance that the power is effective at the time of the meeting, the power is made irrevocable. The power is typically limited to the current meeting, after which it expires
Rajendra K Goyal
(Expert) 31 December 2016
Academic query.
State material facts of the problem if any.
Rajendra K Goyal
(Expert) 31 December 2016
How are you concerned / related with the query?
Looks like examination question.
J K Agrawal
(Expert) 31 December 2016
Well answered by MS Kapoor.
1 valid and legal
2 and 3 it is valid but registration essential, stamp duty is generally equal to sale deed.
4 Yes
5 Yes
Ms.Usha Kapoor
(Expert) 01 January 2017
Thinks Mr.Aggawal for agreeing with me.
Mehta
(Querist) 01 January 2017
@ Ms.Ushaji & Mr.Agrawalji, Thanks and highly obliged for your valuable answers.
In fact I want to safeguard my flat from going away to the present owner of my flat who is my relative (nephew-bhanja) but other ways of transferring flat back to me seems to be very expensive & little risky hence thinking of POA, please advise.
R.K Nanda
(Expert) 01 January 2017
nothing to add more.
Rajendra K Goyal
(Expert) 01 January 2017
When the flat is to be bought, get the sale deed registered. saving of stamp fee / registration charges may result in trouble in the long run.
Guest
(Expert) 01 January 2017
Never play with fire , I agree with Goyal sir.
Laws keep on changing and you never know loop hole you are using may turn out and get converted into fasi ka fanda .
People do many things to save stamp duty , registration fee , capital gain etc. but man time same trick adversely affect them only when things are going bad.
Mehta
(Querist) 01 January 2017
Thanks Goyalji & Madhuji for your valuable opinion. I agree with both you that one should try to find out ways to evade(reduce) stamp duty,tax but never attempt to avoid them.
Guest
(Expert) 01 January 2017
Evade-meaning-Escape or Avoid something/someone especially by guile of Trickery.
Guest
(Expert) 01 January 2017
None of the Experts here had Posted here any such Advise which means you to "Evade"
Mehta
(Querist) 01 January 2017
Mr.Rajkumarji, please do not misunderstand my using word "evade". I agree none of the expert advise me on evade but what I wanted to know from expert is the possible alternate legal way of transferring property so I can minimize on stamp duty,capital gains etc.
Rajendra K Goyal
(Expert) 02 January 2017
While buying property, saving of registration charges / stamp fee is not advisable.
To find if any avenue exist, show all documents and discuss with local lawyer.
Mehta
(Querist) 03 January 2017
(1) What is difference between GPA & Special Power Of Attorney For Sale Of Specific Residential Flat.
(2) Which POA is compulsorily required to be registered.
(3) What happens if one of the party to POA dies.
Rajendra K Goyal
(Expert) 03 January 2017
Academic query, discuss with local lawyer or search google.
Dr J C Vashista
(Expert) 07 January 2017
Neither of the attorney can transfer title of an immovable property.
POA/SPOA is valid during the life time of grantor and grantee.
Academic questions should be put to your tutor.
Mehta
(Querist) 27 January 2017
We would like to prepare Irrevocable POA covering the following main point :
(1) Irrevocable Power of Attorney to secure the interest of the donee/s in the subject matter property.
We are based in Mumbai, please give us the quotation.
Rajendra K Goyal
(Expert) 27 January 2017
Irrevocable POA is not a good idea for saving registration fee in going for sale deed.
J K Agrawal
(Expert) 27 January 2017
Dear Mr Mehta.
It would be better if you put your de fecto problem. One problem may have so many different type of solutions.
The present query seems that you want to protect interest of some persons who want to donate some thing and you want that it should be used properly.
I can guess only as you always set a guess paper.
The answer of guess paper is 'Trust Deed'.
Now please ask for more clarification to me.
