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Deeds of Power of Attorney (PoA)
All you know about Deeds of Power of Attorney
A power of attorney is given in writing and made by one
person authorising another, who, in such case, is called the attorney of the
person (or donee of the power), appointing him to do any lawful act instead of
that person, before an officer of registration and the like.
PoA is generally used by NRIs (Non-Resident Indians) to manage or administer their property in India by authorizing another person known as the agent to act on their behalf in their absence. In such case, the person can execute the power of attorney whereby he can appoint his friend, family member and his lawyer to act as his agent/attorney and get his document registered in the registrar office for the transfer of property and the registration of property. PoA can be executed even sitting in country where NRI is residing, he does not necessarily need to come to India.
A power of attorney can be executed in favour of more than
one person. If a power of attorney is executed in favour of more than one
person it would be desirable to provide whether such donees will act jointly or
severally. Unless expressly or impliedly limited for a particular
period, a general power of attorney will continue to be in force until revoked
or determined by the death of either party.
Stamp Duty &
Notarisation
A power of attorney need not be attested. However, it would
be advisable to execute the power of attorney before and have it authenticated
by a Notary Public or any Court Judge/Magistrate, Indian Consul or
representatives of the Central Government.
Power of attorney is liable to stamp duty under the
provisions of the Indian Stamp Act, 1889. Duty varies from State to State.
Types of Power of
Attorney
It may be either general or special. A power of attorney
executed for the purpose of a specific act is called a “special power of
attorney”.
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