Account Options

Welcome Guest My Account Rewards Invite Sign In / Sign Up



 

Power of Attorney
 
Power of Attorney which is mentioned in Article 48 of Schedule I. A power of Attorney is a document of agency. It is a document whereby a person is empowered generally to do or to execute one or more acts or things for and on behalf of the principal. A Power of Attorney can be general or special. A general Power of Attorney covers more than one subject, whereas a special Power of Attorney relates to specific matter. A Power of Attorney can be revocable or irrevocable. A Power of Attorney comes to an end on the death of the grantor unless it is granted for a consideration. Normally stamp duty payable on Power of Attorney is Rs. 100/-.

However, when the Power of Attorney is given for consideration with authority to sell an immovable property, the duty leviable on Power of Attorney is like a conveyance on the market value of the property. If later on a conveyance is executed in favour of the Attorney, i.e. purchaser, the stamp duty paid on the Power of Attorney is adjusted.

Prior to the Amendment Act 9 of 1997 duty leviable on the Power of Attorney was also based on the number of persons in whose favour the same was executed. Now it is uniform.

In case authority/Power is given to a Developer of the land, the duty is 1% of the market value of the property on the instrument of development agreement under Article 5(g-a), and in such case the duty on the Power of Attorney is only Rs. 100/-.
 
1. Draft of the General Power of Attorney Notice of Intention to Transfer (Form No. 20A)
2. Draft of the Special Power of Attorney Notice of Intention to Transfer (Form No. 20A)
Provided by: Form No. 3A

Author: Editor
Comments
There are no comments for this Article
Comment on this article
Join PerSquareFeet for a free account, or sign in if you are already a member.
Enter the above word:


Some information is provided by our trusted partners.
However, PerSquareFeet does not guarantee the accuracy or completeness of all the content.

Copyright © 2009 PerSquareFeet. All Rights Reserved.
Privacy Policy - Terms of Use