How can my wife give "power of attorney" to her husband for sale of a property at Bombay as she is medically unfit to travel is the fund received form sale can be transfer to US as we both are Overseas Citizenship of India Thanks Rohit
Hello,
For a power of attorney to sell a property it is mandatory to get the POA registered and that can only be done when your wife comes to India in the registrar office, also this has been setteled by the Hon'ble Apex Court.
Since your case is an exception to the General rule you can take permission from the registrar if he allows to execute the sale deed through Poa Executed in foreign land.
Yes you can transfer the money
1. She can execute and register a POA from her present lcoation and send it across to her husabnd who on its basis can trasnfer the proeprty in her name.
2.yes there is no legal impediment to transfer the fund to anywhere you choose.
3.OCI is very much a citizen of this country .
1) wife should give specific power of attorney to husband to sell the property in Bombay
2) POA should be attested before Indian consulate
3) NRIs are allowed to remit up to $1 million from the sale proceeds of property in India from their NRO account.
Write the power of attorney on plain paper. There is no need to create it on stamp paper from India, subject to conditions. Sign the power of attorney. Two witnesses should also sign this document.The addresses of the applicant mentioned clearly . And it should be attested before Indian consulate .The signature of holder of power of attorney also attested.
Once the power of attorney is attested by the Indian Consulate/Embassy you can send it to India and adjudicate the same before collector or district registrar.
You can transfer the money .On sale of the property, the profit on sale shall be subject to capital gains.The profit will be taxed as capital gains in India. NRIs and OCI are allowed to remit up to $1 million from the sale proceeds of property in India from their NRO account.
1. She can execute and register the POA before the appropriate officer of local Indian Consulate at USA and send the same to India to her lawyer.
2.She shall have to mention her PAN No. while her said sale deed will be executed and registered by her POA holder in India.
3. She should have a Bank account in India for receiving the payment of the said sale proceeds and her transfer of the same should be as per the guidelines of RBI.
She can execute a power of attorney deed in that country itself and get it attested by a notary of that country or by an officer of the Indian embassy, send it to the power agent in India under a sealed cover, which shall be opened by the concerned registrar and register the power deed and get it adjudicated.
Then the power agent can sell the property to the prospective buyer and can repatriate the consideration amount as per RBI guidelines.
