stamp duty & registration charges for spoa
Tejas
(Querist) 14 July 2010
This query is : Resolved
If someone could help regarding this
A lady residing in mumbai , maharashtra having share in ancestral property which is being sold is going out of India … from end of july 2010 to dec 2010….
she desires to appoint her mother to be her attorney during that period….
and if the sale of the property takes palce… to sign the sale agreement / deed and receive money on her behalf
in this case ..
Can she draw a special power of attorney and appoint her mother for this specific transaction ??
Can she include a time clause that the spoa will be valid from date of signing the spoa till 31st dec 2010 or completion of sale whichever is earlier ??
What will be the stamp duty payable ( value of stamp paper ?? ) on spoa given to mother and will this special power of attorney given need to be registered with sub-registrar or just notary will do ??
thank u
A V Vishal
(Expert) 14 July 2010
The State Government has been empowered to fix the fees for registration of the document. The registration fees at present fixed for registering documents relating to property transactions are approximately 1 % of the consideration of the document but subject to a maximum limit of Rs. 20,000/-
The registration fee for the following immovable property transactions is leviable on the market value of property on which stamp duty is charged.
The transactions are as under :
(i) Conveyance,
(ii) Exchange,
(iii) Gift,
(iv) Partition,
(v) Transfer of Lease by way of Assignment,
(vi) Sale,
(vii) Settlement,
(viii) Power of Attorney given for consideration and
(ix) Authorising the attorney to sell the property.
A V Vishal
(Expert) 14 July 2010
Stamp duty on POA for authorising to sell immovable property without consideration and given to parents, siblings, spouse, children, grand children, other close relatives Rs. 500
A V Vishal
(Expert) 14 July 2010
Can she draw a special power of attorney and appoint her mother for this specific transaction ??
Reply: Yes she can
Can she include a time clause that the spoa will be valid from date of signing the spoa till 31st dec 2010 or completion of sale whichever is earlier ??
Reply: Yes
What will be the stamp duty payable ( value of stamp paper ?? ) on spoa given to mother and will this special power of attorney given need to be registered with sub-registrar or just notary will do ??
Reply: Answers already posted above.
Tejas
(Querist) 14 July 2010
thank u very much ....
in ur first reply you have mentioned that for the following transaction i.e.
viii) Power of Attorney given for consideration and (ix) Authorising the attorney to sell the property.
stamp duty will be payable as per market value of property
and
2nd reply :- Stamp duty on POA for authorising to sell immovable property without consideration to relatives ….stamp duty Rs. 500 /=
what is the difference between POA given for consideration and POA given without consideration ?
A V Vishal
(Expert) 14 July 2010
Generally POA to a third party is given for a consideration, however in case of relatives more so in case of blood relations there is no consideration involved while executing the POA.
Further please note that the 1st post is for registration of the POA and the 2 post pertains to stamp duty.
Tejas
(Querist) 14 July 2010
thank u very much for your replies ....
info is really very helpful ...
If Special power of attorney given by the lady to her mother mentions the following clauses ....
SPOA :-
I Mrs.X residing at.......will be out of india for ..... I hereby appoint my mother ..... as my attorney to do following acts in connection with sale of property.....
1) To sign the agreement of sale of the said property and to receive my share of the sale price payable by the purchaser/s under the agreement for sale of the said property and to deposit the amount received in my bank a/c no.______with bank of ______ and to pass a valid receipt for the same.
2) On or at the time of completion of the sale of the said property, to execute the Deed of Conveyance, In favour of the purchaser/s or his/their nominee or nominees as the case may be and to do all other acts, deeds, matters and things in relation thereto.
3) To sign the necessary transfer forms for transferring the said property to the name of the Purchaser/s in the records of the Municipal Corporation and In the Revenue records of the Government.
4) To execute any other documents Incidental to the Deed of conveyance if required.
5) To lodge the Deed of Conveyance and other documents if any executed and requiring registration in the office of the Registrar or Sub Registrar of Assurances concerned and or to admit execution made before him.
6) And to do all other acts and things as may be required to be done for completing the sale, of the said property and executing the Deed of Conveyance, as I would do if personally present.
7) This power of attorney will terminate either on completion of the sale of the said propety and transfer of the same in the name of the intending purchaser/s or on 31st December 2010 whichever is earlier.
will this be regarded as SPOA without consideration ??
Stamp duty payable will be Rs. 500 ??
will this need to be registered with registrar or sub-registrar ( as 5th clause authorises mother to appear before registar )
if property jointly held by family members values around rs.35 lacs then
registration fees for registering this SPOA will be 20,000 /= rupees??
A V Vishal
(Expert) 14 July 2010
There is no consideration whatsoever, the mother has paid to her daughter to execute the POA in her favour which is reflected in your sample deed.
Stamp duty payable will be Rs. 500 ??
Ans. Yes
will this need to be registered with registrar or sub-registrar ( as 5th clause authorises mother to appear before registar )
Ans. Yes.
