Stamp Duty on Power of Attorney Mumbai

Sir,

In my opinion a Deed of General Power of Attorney has to be executed on a Rs.100/- stamp paper, and it is valid for use at the time of signing for a purchase agreement of a flat.

Kishor Mehta

Sir,

It is Rs.100/- for signing for a purchase agreement.

Kishor Mehta

 ONLY 100 RUPEE NON-JUDICIAL STAMP PAPERS NOW PRINTED FOR USE IN MAHARASHTRA.

The law may say that a particular deed may be executed on a Rs.5 stamp paper. But, now you have to buy Rs.100 one.

The day is not far off when breathing in will be charged at a particular rate and breathing out at a different rate. 

Crush the common man. SORRY AAM ADMI.

 for this Power of Attorney, it is only Rs.100/-. Either stamp paper may be used OR it may be printed on plain paper and franked for the Rs.100 with the banks - specific branches of the banks like Bank of India, SBI, ICICI, etc., under take this service for a token fee of Rs.10/- only. ( franking has to be done before signing by the executor of the POA. He can sign after franking.

Vasudevan

An irrevocable power of attorney has been executed in my favour on a Rs. 100/- Stamp Paper and it is authenticated by a Notary Public on every page with his seal and signature. Is this irrevocable power of attorney needs to be registerd or valid legally without any registration?

 The debate goes on

WILL to be regd or not. But if regd it gives legitimacy.

Similarly in the case of GPA.

for stamp duty on P.O.A in mumbai is 500 rs. if it is for property i.e sale or purchase and if not for sale than 100rs.

I agree with Manoj that POA for property dealing requirs stamping of Rs. 500/- while registering the same. Whether this General Power of Attorney may include all other activities also like opening bank account, applying for sahre in IPO signing IT Returns and other documents under various acts and Laws.

Agree, with Mr.Monaj Dubey.

 I have been told that for execution of purchase or sale agreement on behalf of owner by an authorised person,  of immovable property in Pune in presence of sub registrar, some percentage of market value of stamp duty is required on PAO which subsequently get adjusted in stamp duty required for registration of that transaction as per Bombay stamp act..  

Also I learned if the POA is given in favour of a family member like father, brother etc having blood relation. Stamp duty of only RS.500 is necessary for execution of General Power of Attorney. But I can not find such provisions in Bombay Stamp Act.

Whether some body can advice me in the matter.

As per Article 48 of Schedule I of The Bombay Stamp Act, 1958, read with Article 25 & Article 5(g-a). (A) General or Specific Power of attorney given to execute or authorise one or more transaction without any consideration or money received. (Other then mentioned below) Stamp Duty is Rs.100/- for each person authorised. (B) Power of attorney given for consideration or money received to execute or authorise selling of an immovable property. Stamp Duty is same as on Conveyance deed as per Article 25. (C) Power of attorney given without consideration or money received to execute or authorise selling of an immovable property to other then close relative. Stamp Duty is same as on Conveyance deed as per Article 25. (D) Power of attorney given without consideration or money received to execute or authorise selling of an immovable property to close relative. Stamp Duty is Rs.500. (E) Power of attorney given to promoter or developer for construction, development or sale or transfer of any immovable property. Stamp Duty is same as on Conveyance deed as per Article 25.

I am grateful to lawyersclubindia Forum for prompt reply to my query on “Stamp duty on Power of Attorney in Mumbai” dated 21th July 2013.

I am happy with the advice.

But it not clears to me the meaning of “without consideration or money received to execute or authorize selling of an immovable property to close relative.”

1)      Does it means that selling an immovable property free of cost to a close relative ; or

2)      Authorizing a close relative without any payment to close relative for doing some work; or

3)       Suppose, if a sell of immovable property deal is finalized ( but not signed ) by  the principal  and authorized his close relative ( blood relative) simply  to sign a document ( Agreement of sale ) on his behalf and get the same registered at concerned sub-registrar’ office.  Whether this “without consideration or money received “clause will be application in such transaction.

Request for the classification please.

With regards

C.V.Naik

Sir,

[1] Any and all sale deeds, with or without consideration, attract stamp duty and registration charges.

[2] The consessions in stamp duty is for gifts to close blood relatives only.

[3] A General Power of Attorney has to be made on Rs. 100/- stamp paper, adjudicated, notarised and registered, and is valid only for signatures on various legal documents. If used to sign a sale document then it will attract stamp duty equivalent to conveyance document. 

[4] A General Power of Attorney, when given to a close blood relative, has to be made on Rs. 100/- stamp paper, adjudicated, notarised and registered, and is valid only for signatures on various legal documents. If used to sign a sale document then it will attract stamp duty of Rs.500/-. 

Good Luck,

Kishor Mehta

Please Confirm, based on the current Law in Mumbai:

(1) POA just to administer the property & give it on rent.

Stamp Duty is Rs.100/-.

Notarised copy is sufficient (No need for compulsory Registration)

(2) POA to Purchase a property:

Stamp Duty is Rs.100/-.

Notarised copy is sufficient (No need for compulsory Registration)

Please reply ASAP, Thanks.