Can NRI sell property in India through PoA?
An important point to note here is that the NRIs can use a specific POA if they want to authorise a person to buy or sell a property on their behalf. However, the POA must necessarily be registered in India after the payment of stamp duty.
Can NRI execute power of attorney in India?
“In India, the NRI can get the PoA executed in the Sub-Registrar’s office. However, the POA should be drafted on a non-judicial stamp paper of Rs 100 value. Also, two legal representatives and witnesses would be required to execute the deed. All the members should have their valid ID proofs and photographs.
Can a person sell property with power of attorney in India?
Is property sale through power of attorney legal? In 2011, the Supreme Court ruled that property sale through power of attorney (PoA) is illegal and only registered sale deeds provide any legal holding to property transactions.
How do I get power of attorney to sell my house in India?
You have to visit the embassy and then you have to initiate the power of attorney (POA) the same has to be adjudicated in India and then the respective power holder can sell the property. Otherwise, you have to come down to India and sell or you may give the power of attorney.
Can NRI sell property in India RBI permission?
The Reserve Bank of India clarifies that Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) don’t need to take prior approval for buying or selling immovable properties in India.
Can NRI sell property in India without going to India?
If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.
Can a power of attorney holder sell the property?
NEW DELHI: In a big warning to property owners who intend to sell their assets through a power of attorney (PoA) holder, the Supreme Court has ruled that the PoA holder can sell the property and register the sale by merely producing a copy of the PoA and that the original was not mandatory for registration of the sale.
Can a property be sold with power of attorney?
To summarise, the law holds that a power of attorney is not an instrument of transfer in regard to any right, title or interest in an immovable property but any genuine transaction carried out through General Power of Attorney is considered valid under the law.
Can power of attorney holder sell property to himself?
when a registered PoA authorizes the agent to make the transaction, he can certainly do so however, it does require the free will of the original owner. If the Power of Attorney holder is following all the legal procedures then he cannot be barred by law from selling the property to himself.
Can NRI give power of attorney to another NRI?
NRIs or any other emigrants can delegate any reliable person to discharge his responsibility legally. Power of Attorney (PoA) can do favour to them by introducing relief and comfort in settling down property disputes and exchanging old currency notes under demonetization. But it should be attested from Indian embassy.
How NRI sell property in India?
The process of selling a property owned by an NRI in India is as follows:
- Hire a brokerage company to conduct a comprehensive valuation of the property and determine its value.
- Carry out all the necessary paperwork related to the sale of the property. …
- Understand the tax liabilities.
How long a power of attorney is valid in India?
These certificates are valid for 30 days. As per a recent order of the inspector general of registration, the new rules are applicable to all POAs registered from February 4. By law, POA is not valid once the principal dies.
How do I give power of attorney to someone from Canada in India?
Your Attorney will need to register the Power of Attorney in the offices of the Sub-Registrar of the relevant area in India. Your Attorney will be required to present and submit evidence of his/her identification alongside the Power of Attorney. A small fee will also be payable to process the document.
Can I sell my parents house without power of attorney?
If your mother does not have a valid LPA or Enduring Power of Attorney (EPA), a deputy needs to be appointed before her house can be sold. A deputy is a person or body appointed by the Court of Protection.