GPA can be registered in favour of any non blood relative too, but the stamp duty for registration of such GPA would be quite high.
Hello, My father had purchased land in Bangalore using a GPA. The land is registered in name of myself and my wife. Now we want to sell the land. However the agent the buyer has appointed mentioned that since my father is not a blood relative of my wife, the GPA I have given to my father is not valid for purposes of registration. I can not travel to India. What are my options here ? My wife does not have any relatives in India as all of them live abroad as well.
GPA can be registered in favour of any non blood relative too, but the stamp duty for registration of such GPA would be quite high.
You can execute POA in favour of your father for execution of sale deed . It should be attested before Indian consulate
Since your wife does not have any relative in India she should come down to India for purpose of execution of sale deed
GPA can be given to any person, not necessarily to only blood relatives. However, GPA given to blood relatives have to pay meagre stamp duty, whereas GPA given to other than blood relatives have to pay around 5 to 6 percent stamp duty.
Your wife can authorise your father through a GPA, except that Stamp duty at 5.6% needs to be paid on the GPA on her behalf. Since both of you cannot travel and your wife does not have any relative in Bangalore to complete the process of registration, It is better to pay the stamp duty on the GPA and use it, consider it as a one way ticket charges back and forth from USA.
See your father and wife are not blood relatives so stamp duty on GPA shall be payable to register same and that would be high as per value of property so it is better you wife come for registration to India.
Your wife can execute POA in favour of your father.
She can registered Gpa in favour of your father.The stamp duty and registration charges will have to be pay as not blood relatives.
Agent idiot hai. GPA can be execute in favor of any major person in the world, GPA is valid for all purpose.
No such compulsion that POA will execute in favor of blood relative only.
1. Draft a proper POA with strategic clauses in favor of ANYBODY and get it attested by the local embassy /consulate, for yourself and your wife. This would be legally sufficient for all immovable property transactions.
2. A POA holder can be anybody (which means any non-blood relative) and is valid throughout India.
1. Your wife can execute GPA in favour of any of her blood relatives in India who can sell her 50% share of te property while the remaining 50% standing in your name can be sold by your father holding your GPA.
2. Your wife can get the GPA sent to her from India by her Advocate which she shall have to take to the locxal Insian Consulate for apending her signature thereupon before the Apprpriate Officer of the said Consulate who will notarise her signature.
3. She shall have to return the said POA to the POA holder in India who shall have tp produce the same with the envelope before the local Collector for adjudication of the said POA executed and notarised abroad.
4. Thereafter the property can be sold with the help of two POA holdsers as advised above.
Thanks all for the answers. Really appreciated. Follow up questions- 1) Property sale price is around $50 lakh. So we will end up paying stamp duty for only half the price of it (since my wife is assumed to be half owner ?) 2) What about my wife granting me a POA via Indian consulate here ? 3) Who counts as blood relative ? Can Mama /Mosi be a blood relative ? 4) The buyer has a loan secured from A bank. If I can travel in 3 months from now - any arrangement you suggest I can come up with buyer - which is fair to both parties and buyer can wait bit more ?
Wife can execute a SPA (special power of attorney in your favour), you can travel to Bangalore in 3 months, and complete the sale transaction. It is better if the sellers are present in person, than through their PA Holders. You can convince the purchaser to enter into a sale agreement and wait for 3 months to complete the sale transaction thereafter.
The SPA executed by your wife, has to be duly attested by the Indian embassy or consulate, then within 30 days later it has to be adjudicated in Bangalore, India for it to be used in India at Bangalore. Proper stamp duty to be paid at Bangalore.
If this process is adopted, then you say considerable stamp duty.
1. Yes
2. It has to be mandatorily registered, otherwise no rights in any property can be transferred in favour of any other personin absence of a valid power of attorney which is duly registered after payment of requisite stamp duty.
3.first-degree relative (FDR) is a person's parent (father or mother), full sibling (brother or sister) or child. Mama and Mausi are blood relatives of your mother.
4. Execute agreement to sell for 3 months between you and the buyer.
1. Yes. Stamp duty has to be paid to the extent of your wife's share over the property.
2. Your wife can grant POA to you if you are attending the registration process in Bangalore on her behalf. In that case, stamp duty towards POA will be meagre.
3. Blood relatives are father, mother, brother, sister, husband, wife, etc.. Mama(uncle) and Mousi (aunty) will not be counted as blood relatives.
4. You can enter into Agreement of Sale with the prospective buyer for the property in question and usual time for concluding the sale will be 3 months. In this way the transaction can be concluded after 3 months, so that you can travel to Bangalore, which will be beneficial to both the seller and the buyer
1) since both are selling the property you have to pay stamp duty as per circle rate for the property
2) wife can execute POA in your favour to sell the property . It should be attested before Indian consulate
3) immediate family members like parents , siblings , children would be regarded as blood relatives
1. Yes stamp duty as per her value of share shall be applicable .
2. See can grant you a POA then you can make a sale deed.
3. Yes they are.
4.See bank will release fund only after the deed is made and diposited so buyer may agree if you agree to give possession and bank agree to disburse loan after the time.
It's absurd the gpa can't be invalid on this point. Your wife can grant you poa but it has to be registered. Blood relatives are father mother siblings sons and daughters. Yes you can make arrangements stated in point no 4
Power of attorney by wife is applicable as good to transfer the property you can verify the power of attorney by the consulate in United State this time duty will be applicable on the amount of the transaction if it is more than the circle rate it will attract more stamp duty nowadays it is very common to take the complete amount through Bank transfers so the entire amount is chargeable for the calculation of the stamp duty but payment of stamp duty is the part of purchaser however if the sale value of the property is more than 50 lacs then he will deduct 1% of TDS and deposit in income tax however in case of you being non resident Indian the entire amount of capital gain @ 10% + service charge will be deducted by the buyer and deposited in the Income Tax Department
1. Both the POAs of yiu and your wife shall have to jointly sign the sale deed and the stamp duty to be paid is as per the circle rate of the property.
2. When you yourself has given POA to your blood relative, then what is the use in taking her POA in your favour ?
3. Mama/Mousi are not considered as blood related. Brothers/ Sisters are considered as blood related.
Stamp duty will pay on full amount, 1% less due to wife co owner.
Valid.
NO.
Carry all documents, Open NRO account to repatriate amount out of India.
In that event you may ask your father to register the property on your name alone for the present as a single buyer.
Later on you can by the same GPA Deed or by a separate deed authorise your father to transfer 50% undivided share in the property in favor of your wife by executing a registered gift deed by which she will become a joint owner at par with you in the property.