Sale of property on poa
neha
(Querist) 18 June 2014
This query is : Resolved
Hi, I have a Power of Attorney (POA) in my name for a particular property which is owned by my sister who lives abroad. According to this POA, my sister has given me a legal right to do any sale/deed on this property.
The property is in her name obviously.
I wanted to know that if we are executing a sale of this property (with knowledge of my sister ofcourse) and since she cant travel to India, Can the payment received from this sale be in my name (if we take a cheque/draft)? or it has to be in her name since she wont be signing the papers anyway and I am the one who will sign and do the paperwork.
ajay sethi
(Expert) 18 June 2014
is POA registered? if so then only can you sell property on behalf of your sister . . take all cheques/ DD in your sister name
Rajendra K Goyal
(Expert) 18 June 2014
You can sign the sale deed if you are POA holder (duly registered) of your sister. Payment is to be received in name of your sister.
Anirudh
(Expert) 18 June 2014
Please note, if the sale consideration is Rs. 50 lakh or more, the buyer has to deduct TDS at 1% of the sale consideration and remit the same to Government. You have to provide your sister's PAN No. to the buyer for this purpose.
uttamtibrewal@yahoo.com
(Expert) 21 June 2014
dear Neha jeee...
You need to go as per the clause mention in POA for payment .... if its silent then payment need to be taken in name of the owner legally...for any query or descission contact me at uttamtibrewal@yahoo.com
