1) on basis of POA you can sell the property
2) not necessary to register POA as it is attested before Indian consulate
3) money should be deposited in sister account
Poa from usa and property related
Greetings!! this is David, My sister is in USA on a dependent visa. our grand father property is in place say ABC in INDIA. since they cannot travel right away as their visa renewal under process. we thought of POA. POA to negotiate and sell/ execute a gift deed, to do the partition of land between my sister and other beneficiary. the Indian embassy website of usa says their is option to get a POA via mailing. ie. we have to send the POA in a paper or agreement via mail with supporting documents mentioned. then they will attest and send it back. so my questions are. 1. If I get this POA in my name. will I be able to do all of the above mentioned things like sell etc. 2. after getting the POA do I need to register the POA is it a MUST. if yes in which place to register, is it in place where the property is say ABC or her residing address in adhaar card registering office. 3. If I sell the property in which name I have to take the money. if my name will I be taxed for that. or just transfer the money to my sister account. 4. say if I decide to give to the other beneficiary for a lesser amount than the guideline value. i understand that I have pay the fees for guideline value of the property. can I mention the amount taken for the sale in the agreement? will the tax be for the guideline value or the lesser amount which we got?
Asked 4 years ago in Property Law
Religion: Christian
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10 Answers
1. A POA deed is an authorization given the principal to his representative to carry the task to be done by the principal, on behalf of the principal by the representative, hence you can very well proceed with the task assigned to you through the said deed.
2. After the POA deed is executed in your favor, you can get it adjudicated before the concerned registrar office where the property is situated.
3. You can inform the buyer to make the payment in the name of the vendor itself or if it is made on your name, you can transfer the same to her name, there's no tax liability on you for this.
4. The long term capital gains tax or short term capital gains is payable on the actual sale consideration amount received towards the sale of the property.
Dear sir,
You can very well get the POA on your name and the registration may be done at the place of property of sale. Also it's better to get the money not in your account, rather the same can be done in sister's account.
1. As per the procedure followed, you shall have to send your sister the POA in original to get her signature attested by the appropriate authority of her local Indian consulate. Sending the POA by email and getting it back after her signature is duly attested is a temporary deviation which will be prudent to be avoided, if possible.
2. The POA duly attested by the Indian Consulate shall have to be stamped and sealed by the Collector for rendering validity on it.
3. You shall have to collect the sale proceed in and in the account of the seller if the property stands in her name.
4. The amount shall have to be taken by your sister in her account and the difference between the stated amount and the guided amount shall be considered as her income for which she shall have to pau I.Tax.
1. Whatever is stated in that poa can be done by you.
2. Yes
3. That also depends on the averments of poa.
4. Govt has that guideline value for every property you need to state that
1. Yes.
2. You need to stamp/adjudicate in India not register it .
3. Being the Constituted Attorney you are bound to return the money to the Principal.
4.
1. GPA can be in anyone's favour. It has to be attested at Indian Consulate and then adjudicated before the jurisdictional sub-registrar in India.
2. The adjudication has to take place before sub-registrar in whose jurisdiction the property is situated.
3. Sale consideration should be in the account of buyer or agent of buyer.
4. You will not be taxed if you transfer it to buyer, but preferable take it in buyer's account.
5. The tax will be on the total sale consideration received. Stamp duty has to be paid on the circle rate fixed by Collector.
1. Yes. Provided there is a clause.
2. Should be registered and the place where property is located.
3. In your name.
4. Not sure.
Regards
G.Rajaganapathy
High Court of Madras
Dear Querist
My opinion on your queries are as under: -
1. Yes, You will be able to do all the acts on behalf of your sister to sell, gift, and get money.
2. there is no requirement of registration of POA it is it attested by the Notary Public
3. you will get the money in the name of your sister or as per your name, it is your choice and agreement between you and your proposed buyer.
4. the other beneficiary will get the share as per their respective legal rights.
Feel Free to Call
1. If the PoA specifically authorises you, you may sell the property.
2. You have to register the PoA at the sub-registry having jurisdiction over the place where the property lies.
3. It is better to transfer the proceeds to your sister's account.
4. The guideline value will prevail.
