General power of attorney for sale condition
SANGAMESWARA RAO DHUPAM
(Querist) 12 April 2012
This query is : Resolved
Is there any possibility to give Power of Attorney to a person authorising him to sell a property which will be acquired in future.
Under Article 42(g) of Schedule I-A of Indian Stamp Act, 1899 as amended by Andhra Pradesh Amendment Act 21 of 1995 came into force w.e.f. 1-4-1995, if a power of Attorney authorises a person to sell an immovable property it requires to be charged as conveyance @5% on the Market value of the property. The chargeability stamp duty @5% on the market value has been reduced to Rs.1,000/- when G.P.A. is given in favour of family members or 1% on the Market value of the property when given to other than family members by a Notification as per G.O.Ms.No.1128, Revenue (Regn.I) Department, dt.13.6.2005 w.e.f. 1-7-2005. Only in case of family members only a fixed stamp duty of Rs.1,000/- is fixed. At this juncture when a Power of Attorney is given to a person authorising him to sell an immovable property, the details of property to be sold on behalf of the Principal is invariably mentioned irrespective of reduction of stamp duty in favour of family members.Powers of Attorney to sell immovable property before 1-4-1995 required to be charged with a Stamp Duty only Rs.50/-, but after the above amendment of Article 42(g), the details of property must be mentioned in such deed since market value will be taken into consideration for effecting chargeability. As per Andhra Pradesh AmendmentAct 8 of 1998 under Section 47-A a Power of Attorney given for sale, development of immovable property is also dealt in that section. So Details of property invariably be mentioned in a Power of Attorney given for sale. Please clarify.
Shonee Kapoor
(Expert) 12 April 2012
no PoA can be given for the property which doesnot exist on the date of executing the PoA.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
