Poa related query
Advocate Jagadish T G
(Querist) 13 September 2024
This query is : Resolved
Need solution for below case Urgent basis:
Case details :
1. POA to be executed for property purchase in Bangalore.
2. How much stamp duty would apply in Karnataka if outside blood relative (Friend).?
3. This is for a Joint Ownership (Owners are Husband and Wife stayed outside India) of the property so in that case would 2 POAs would be required? and if yes will double stamp duty would apply?
T. Kalaiselvan, Advocate
(Expert) 13 September 2024
In a POA deed, the Stamp duty for Regarding the registration of the execution of one or more papers is Rs. 100/- and the registration charges also is Rs. 100/- and the stamp duty for Allowing multiple people to act in a single transaction is Rs. 100/- with the fees for registration is also Rs. 100/-
The stamp duty for a property in Bangalore, India is based on the property's market value, and is typically between 2% and 5%:
Properties under Rs. 20 lakh: 2% stamp duty
Properties between Rs. 21 lakh and Rs. 45 lakh: 3% stamp duty
Properties above Rs. 45 lakh: 5% stamp duty
In addition to stamp duty, there is also a registration fee that is typically between 1% and 3% of the property's value.
kavksatyanarayana
(Expert) 13 September 2024
As per new rates, the stamp duty for POA is Rs.500/- and the registration fee is Rs.200/-. One POA is sufficient as the husband and wife are the joint owners. One stamp duty is sufficient and like fees also.
