SPA by NRI
Ashu Joshi
(Querist) 05 March 2010
This query is : Resolved
Respected All,
What is the procedure or formalities to be followed or complied in case an NRI wants to execute a SPA in favour of an indian resident?Is it required to be stamped/notarised in India?
Thanks & Regards
A V Vishal
(Expert) 05 March 2010
Get the PoA prepared by whoever is preparing your documents in India. Send it by email to you. You take a print out on good quality paper, sign it on every page, and get it attested by the Indian Consulate / High Commission. YOu will need to show your passport there. Even if you are a non-Indian citizen, you need this.
Courier the attested paper back to India.
Within 7 days of reaching India, the paper has to be presented to the District Collector for stamping (pay stamp duty).
It may also have to be registered if it relates to SALE of immoveable property by you. Depends on the rule in each State.
You really do not need a PoA to BUY land / immoveable property. The "sale deed" needs to be executed only by the seller.
If this is for registering a deed where you are selling land, better get the PoA cleared by the buyer too. Details of the property need to be included in the PoA in this case; hence you better it prepared by a solicitor / document writer.
Ashu Joshi
(Querist) 05 March 2010
Sir,Thanks for resolving the query.
SPA is executed by NRI for completing the formalities before sub registrar for registering sale deed and getting the mutation done in favour of NRI.
Kumar Thadhani
(Expert) 06 March 2010
MR Vishal has finally resolved your query.
nishad
(Expert) 07 March 2010
I guess stamping should be done within 3 months from the date on which the instrument reaches in india....Mr.Vishal can you clarify on the 7 day period as above mentioned?
