When buying your home, it is essential that you hire a reliable and trustworthy power of attorney who can help you with the purchase proceedings. The POA is often used by NRIs looking to buy property in India.
Is it safe to buy property on power of attorney?
The law does not recognise any irrevocable power unless coupled with an interest. Purchase of property through such a power is not at all safe and is likely to increase the chances of unforeseen complications. Hence, it must be avoided.”
Can I buy property with power of attorney in India?
The Apex Court of India has clearly pronounced that sale of immovable property via General Power of Attorney is not valid as it does not convey any ownership right in respect of the purchased property in favor of the buyer. … Hence, Property Acquisition via GPA is not valid under Indian Law.
Can NRI buy property in India without power of attorney?
As an NRI you will not need any special permission to buy an immovable property. … Please note that you will need a special power of attorney which is registered and notarized and not a general power of attorney to execute a property transaction.
Is registration of power of attorney compulsory in India?
Registration: In many cases, a general or specific power of attorney need not be registered. … The Indian Registration Act does not make a power of attorney compulsorily registerable. However, the Supreme court has recently ruled that a power of attorney given to sell immovable properties should be registered.
How long is Power of Attorney valid in India?
Durable PoA: A durable POA remains effective for a lifetime, unless it is explicitly cancelled. A specific clause can be inserted in the document, stating that the representative’s power would remain valid even if the principal becomes incapacitated.
Can a green card holder buy property in India?
A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.
Can resident Indian buy property abroad?
Resident individuals can purchase property abroad using funds held in an RFC account without prior RBI approval. Resident individuals are also permitted to purchase property overseas jointly with a relative who is resident outside India, without prior RBI approval.
What is the TDS rate for NRI for sale of property?
When an NRI sells property, the buyer is liable to deduct TDS @ 20%. In case the property has been sold before 2 years(reduced from the date of purchase) a TDS of 30% shall be applicable.
Is stamp duty required for power of attorney?
A power of attorney attracts stamp duty which varies from State to State. Article 41 of the Karnataka Stamp Act prescribes the stamp duty leviable. Generally, the stamp duty payable for a power of attorney is Rs 100. For registration , the fee payable is also Rs 100.
Is unregistered power of attorney valid?
an unregistered power of attorney is not valid in case of immovable properties. With respect to the power conferred that being an unregistered power of attorney, it could not operate to confer any power to sell property .
Is aadhar mandatory for power of attorney?
Adhaar is not required, however without PAN the sub-registrar may refuse to register the sale deed.