PGN Property Management in Bangalore

  No General power of attorney (GPA) is possible to anyone but there are few consequences for issuing GPA to non-blood relative NRI Buying: As an NRI, when you buy a property in India, you can give GPA to anyone that includes blood and non-blood relatives. Blood relatives:  Father, Mother, brother, sister, husband, wife, children, Non-blood relative:  cousin, friend, colleague, advocate, or broker The stamp duty for GPA adjudication in India is just Rs. 200/-(for buying property) NRI Selling: As an NRI, when you sell a property in india, you can give GPA to anyone that includes blood and non-blood relative The stamp duty for  blood relatives  is Rs. 200 The stamp duty for  non-blood  relatives is 5% of property value, which is very huge expense. For example: Every property in India has government value irrespective of property type (flat, land, independent house, factory, shop, etc..) Let's consider that you want to sell 3BHK flat in Bangalore India, t...

  Yes, but with few consequences As an NRI, when you buy a property, you can give POA to any of your trusted source in India that includes your father, mother, brother, sister, in-laws, friend, colleagues. The stamp duty for POA is just Rs. 200 (for buying a property) When you sell a property, you have to give POA to your blood relative, the blood relative includes your father, mother, brother, sister, husband and your own children. In-law doesn’t comes under blood relative category, that mean your father-in-law doesn’t come under blood relative category. Stamp duty for blood relative is Rs. 200 (for both buying and selling) For non-blood relative,  You can give POA to your father-in-law but you have to pay government charges (stamp duty, cess and registration cost) at the time of POA adjudication itself (instead at the time of deed registration) For example: Your property value is Rs. 50 Lakh. The stamp Duty is 5.1%X50 lakh = 2,55,000 Cess is Rs. 0.5%X 50 Lakh = 25,000 Regist...

  Yes, Require to have POA from co-owner (spouse) We have been through the same experience that sub-registrar will not allow the property registration without the presence of actual co-owner. Get the POA executed from the country where your spouse live now. Its quite simple and easy to execute a POA in foreign country for a property registration in India. Follow the below procedure to execute the POA Prepare a POA draft in word format Print the draft on normal A4 size paper Get the POA attested from Indian consulate or notary public in country of your spouse resident Get the POA adjudicated in District registrar office in India This completes the procedure to execute POA in foreign country for a property registration in India. Below is the real example that we faced the similar situation recently My client Dr Vidya Sagar and his wife lives in UK. Both jointly owns a property in Bangalore. Dr Vidya Sagar and his wife wants to sell the property and we found the buyer for a property. ...

Yes, can purchase through Power of Attorney (POA) A property transaction is valid when a sale deed is registered. In your situation, an owner should issue a POA to his blood relative in India. Through POA issued to a blood relative, a sale deed can be registered, complete the financial and property transaction. A POA holder in India represents an owner to execute a sale deed and smooth transfer of property from seller to buyer. We completed many property transactions through POA issued by NRIs. Based on our experience, listing below few important points for your consideration An owner should issue POA only to his blood relative. POA issued to non-blood relatives is not valid. A POA should be registered. Draft a POA favorable to you, in such a way that satisfies your buying fulfillment Check the tax implications of buyer and seller. For example: If your property worth more than Rs. 50 Lakh, an owner should obtain a low tax certificate to bring down the TDS cost to 1% or 20% TDS may appl...

  No That is not possible for your parents to send POA from India to the USA, you sign and send back to your parents for property purchase. Because When the POA prepared in India, the executant must present in sub-register office to register the POA. I mean, you should present in India to register the POA. Your presence is required in sub-register office because your thumbprint and photo are taken while POA registration. As you mentioned in the question that you are aware of embassy procedure. I guess, your embassy is far from the place where you might be living hence this makes it difficult for you to travel and get the POA attested. Please be noted, as an alternative, get the POA attested from your local notary instead of travelling to embassy for POA attestation. We wrote a detailed procedure about POA execution for NRI, please go through the below link to understand more about issuing POA from overseas to India. PGN Property Management's answer to What is the procedure for an N...

  For blood relatives: Rs. 100 for stamp duty and Rs. 100 for registration For Promoters & developers: Rs. 1000 for stamp duty and Rs.100 for registration For non-blood relatives: 5.5% of property value for stamp duty and 1% of property value for registration. Please be noted, my above answer applicable to property-related Power of Attorney. This may or may not apply to bank or company-related POA. ---------------- In Karnataka, including Bangalore, we provide the service of drafting + execution + registration. To opt for our service, please Whatsapp to +91-97424 79020. Thank you for reading...

  The power of attorney (POA) execution is quite different for NRIs and Indian residents. Let me start with NRIs resident: NRIs don’t have to be present physically for registration of property for buying, selling, or renting in India. NRIs can issue true and lawful power of attorney in favor of his/her family member, relative, friend, colleague, or agent. we should make sure that attorney holder is truthful and reliable to you. Steps to execute a power of attorney agreement as below, Step 1:  Prepare the draft in word format Step 2 : Print draft on A4 size bond paper Step 3:  NRI should sign   POA in front of the Consulate Officer of the country where you are located. Should sign at bottom of all pages and witness has to sign at witness section. Get the POA attested from consulate office. Step 4:  Courier the POA to your true and lawful attorney to India. Step 5:  Attorney holder and one witness in India should sign and adjudicate the POA in India. Adjudica...