NRI joint owner trying to gift property in hyderabad to parents
We (husband and wife, say X and Y) have a property in Hyderabad while my parents are in Gujarat and inlaws in Rajasthan. I plan to gift the apartment to my parents (in Gujarat). We were thinking of the following.
Donor - X & Y.
Donee - Father of X.
-Print Gift Deed on A4 plain paper and we both X and Y sign it.
-Print Special Power of Attorney for X to father and Y to her father. Get SPoA notarized with 2 witness and then apostilled. I understand alternate will be to get it attested by Indian Consulate (which is quite far from our place).
-Mail the documents to my parents.
-Father of X and Father of Y visit hyderabad and get the SPOA registered (within 3 months of receiving it).
-Father of X sign the gift deed along with 2 witness and get it executed in sub-registrar's office.
Questions -
- When asking for witness to sign SPoA, do we need witness of Indian origin or anyone can sign?
- While calculating stamp duty charges, on the Telangana Stamp and Revenue website, they ask for consideration value of the property based on which stamp duty is calculated (I believe it uses consideration value or market value whichever is higher). What should be the consideration value in case of gift? Rs. 0/-.
-Can X's father be the donee as well as represent donor using SPoA.
- Do the donee sign gift deed with witness in front of registrar or it should be signed before?