NRI here looking to sell property in Bangalore. We have a buyer but bank is saying we can only give POA to blood relative or pay 6% stamp duty if it’s to a friend. Is this correct? We don’t have any blood relative there and can’t travel due to COVID

Yes, bank is saying correct

The following are the stamp duty & registration charges for issuing POA from abroad to India.

  1. For blood relatives, Rs. 200/- (Includes of stamp duty & registration)
  2. For non-blood relatives, 5.5% stamp duty and 1% registration charge of market or guidance value, whichever is higher.

The following are the reason to collect complete stamp duty and registration charge for non-blood:

There was an illegal practice of transferring property through POA so that POA holder could do what an owner of the property could do. Such transfer of property done without paying the desired stamp duty and registration cost to government.

To avoid such illegal practice in market, the introduction of full stamp duty and registration charges applicable to register a POA to non-blood relative.

The good thing is, you can reimburse stamp duty and registration cost from buyer. At the time of sale deed registration, buyer needs not to pay stamp duty and registration charge again as the charges are already paid at the time of POA registration, hence you could reimburse the cost from buyer. (Only if POA and sale deed registered in same state in India)

For example: If POA and sale deed (both) register in Karnataka, buyer need not pay charges again at the time of sale deed registration

For example: If POA registered in Karnataka but sale deed registered in Maharastra, dual stamp duty and registration cost applicable. One at the time of POA registration and another at the time of sale deed registration.

We provide the service of POA drafting + execution + registration +Adjuducation + home delivered. To opt for our service, please write to us pgnproperties@gmail.com or Whatsapp to 9742479020.

Thank you for reading…

Location: India

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