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SK Arora (retired)     21 April 2012

Issue of bank draft for property sale

My son is an NRI and had purchased a property before his coming an NRI in India. He has given me the power of attorney to sell the property and has also authorized by means of a declaration to whom it may concern that "The bank draft for the property may be issued in the name of my father". The buyer is reluctant to follow the instructions and wants to issue the draft in the name of my son who has no bank account in India at the moment. I shall pay the tax and file the income tax return to the tax authority in India. Kindly advice if this is possible.



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 4 Replies

MAMTA (mamtatdave@gmail.com)     21 April 2012

if property is in your son name than it is not possible for reason now POA can not enter into sale agreement. your son have to come for registration of sale agreement  

Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com))     21 April 2012

Dear Mr.Arora,

 

You can definately sell the property as your son's agent via a duly notarized (by Indian Consulate in US/and registered at registrar of state where property is situtated). If the POA authorises you to - you can also recieve the draft in your name, off course on behalf of your son, there is no impediment to that.


Feel free to talk!

 

1 Like

Kumar Doab (FIN)     21 April 2012

Please follow the advice of Mr. Chugh.The draft of POA shall be structured to suit your needs.

Mahadeva Rao G (ADVOCATE)     02 May 2012

I agree with the expert advice given to by  Adv. Bharat  and Mr. Kumar.   The  POA  should  be  SPA  -  after duly  notarised  is US,  it must be  ADJUDICATED  in   JURISDICTION   DISTRICT  REGISTRAR.     In this   SPA  the  detail of  POWER  IS  SPECIFIC   which shall be structured /  tailored  to suit   individual  needs  (  i.e.,  to  execute  on behalf,  to receive  sale consideration on  behalf  etc., )    The  buyer is ill advised  here.     For any more clarification & complete assistance,  u can write to me on  sohan1912@rediffmail.com  or on  9845285555 in Bangalore. 

With Warm Regards.

 

Mahadeva Rao G.

ADVOCATE.

BANGALORE.


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