Sale G.P.A Holder, may give gift or release deed
SATYANARAYANA K
(Querist) 24 December 2009
This query is : Resolved
X executed a Sale General Power of Attorney to Y, now Y wanted to give gift or release deed to Z (Z is Y family member)hence to avoid stamp duty. my queries are (1) May y give gift to y family members (2} y paid full consideration to x, x have no objection to give gift (3) if yes please give which section or what basis (4) how to avoid stamp duty please advice, the main reason Y have to bear all expenses, y is fearing that X may cancel the Sale GPA hence hereby requesting, waiting for your valuable reply, Thank you
A V Vishal
(Expert) 25 December 2009
Y can absolutely gift the property to Z in view of payment of the entire consideration to X by Y, subject to the clauses mentioned in the GPA. If the gift is in blood relation then the stamp duty is Rs.1000 or in any other case it is 1% of the market value of the property, however it is advisable for you to check details in your local registration office.
adv. rajeev ( rajoo )
(Expert) 25 December 2009
y cannot gift the property to family members, because GPA to sell the property only, even if y is paid full consideratioon to x he cannot gift, he cannot act beyond the conditions of the GPA. It amounts to violation of GPA conditions. So make a correction in the GPA by adding the sentence that" Y can also gift the property on behalf of me".
During the validity of the GPA any act done subject to conditions of the GPA, such acts are binding on X.
You have said that X is agreed to gift the property mere saying does not empower the GPA holder to gift the property.
adv. rajeev ( rajoo )
(Expert) 25 December 2009
If the property is sold by X to Y then Y can gift it to any body.
PJANARDHANA REDDY
(Expert) 25 December 2009
IT ALL DEPENDS ON THE HOW THE POWER OF ATTORNY WAS DRAFTED,PURPOSE, CONTENTS AND CONDTIONS,CONSIDERATIONS ETC.,
Ashok Yadav
(Expert) 25 December 2009
If there is a power to gift is given in the GPA then the y can gift the property otherwise he can not gift if he had a power to sale or manage only, it all depends upon the terms and conditions of the G.P.A.
