Power of Attorney (POA)

Before I answer to your questions, let me classify blood and non-blood relatives

The following people are blood relatives (or close family members):

• Father
• Mother
• Brother
• Sister
• Husband
• Wife
• Son
• Daughter

The following people are non-blood relatives:

• In-laws
• Uncle
• Aunty
• cousin
• Nephew
• Niece
• Advocate
• Agent
• Broker
• and anyone apart from your close family members

Note:

• The above classification is subject to Karnataka.
• In few other states in India, in-laws, Nephews and nieces are considered blood relatives so please check your local regulation for exact information.

Now comes to your question. In property transactions, POA are two types

1. POA for Buying
2. POA for Selling

POA for Buying:

• POA is used for buying a property
• POA can be given to anyone that includes blood or non-blood relatives
• The Stamp Duty is just Rs. 200 (subject to Karnataka)

POA for Selling:

• POA is used for selling a property
• POA can be given to anyone that includes blood or non-blood relatives
• The stamp duty for blood relatives is Rs. 200. The stamp for non-blood relatives is 5% of consideration or guidance value (whichever is higher)

My suggestion:

• If you buy a property, give POA to anyone of your trusted source.
• If you sell a property, prefer to give POA to blood relative to bring down stamp duty cost.

We provide consultation. To opt for our service. please write to us pgnproperties@gmail.com or Whatsapp to + 9 1 – 9 7 4 2 4 7 9 0 2 0.

Thank you for reading…