You can execute specific power of attorney in favour of sister to sell your property
it should be duly stamped and registered
Indian Passport has been cancelled; Received UK British Passport recently. I am British Citizen now. I am OCI card holder. To sell a property in Bangalore, can I get GPA notarized/attested by Indian Consulate in UK please ? Is it valid in Bangalore Registration office to sell the property. So my own sister can go and do the registration to the buyer on behalf of me.
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You can execute specific power of attorney in favour of sister to sell your property
it should be duly stamped and registered
Thanks. Can I use my Adhar/PAN to show as proof of address in India for Power Of Attorney / Sale Registration etc i.e I do not use my UK Passport anywhere in the Power Of Attorney / Sale Registration process. If yes, will there be any tax implications as NRI. Is it better to come personally from UK and do the registration - from tax perspective
You can use your aadhar card /PAN card as proof of address
do not suppress any facts
TDS will be deducted by buyer at 23 per cent
Yes, you can obtain the attestation of a local notary public in the GPA authorising your sister in India to sell the property on your behalf, she can get the GPA adjudicated in Bangalore registration office after which she will be eligible to sell the property on your behalf as your power agent.
You do not get confused thinking about various modes and complications for selling your property.
In any case you are required to pay the LTCG taxes as applicable being a NRI/foreign citizen owner/vendor.
Therefore you can follow the original route of giving GPA in favor of your sister to carry out the desired task without any problem as suggested earlier
You can sell property as mentioned above by the way of POA signed by Indian Consulate.
Regarding amount you will getting after the selling of the property that is taxable if you take the amount out of the day. If you invest in NABARD bonds or re purchase property your taxable amount will be saved.
1. Being a U.K. Passport and OCI Card Holder, you have to get the GPA notarised/attested by Indian Consulate and send it to India for adjudication in the jurisdictional District Registrar's Office.
2. After this your sister can sell the property and execute the sale deed, on your behalf, to the prospective buyer.
3. The buyer has to deduct about 23% of TDS towards Income Tax, as per 194 1A of I.T. Act, as you are an OCI. You may be given exemption and taxed less than 23% for your sale proceeds if you get an order to that effect from the Income Tax Officer.
4. It's left to your convenience and time to personally attend to the registration or to authorise your sister through GPA and this does not alter the tax implication.
An OCI/NRI have full right to the give GPA to any Indian citizen in the capacity of OCI/NRI. You can very much give such GPA to your sister giving details of your U.K. passport with proof of OCI card. Draft a GPA on Indian stamp paper of 100 rupees if you get or you can even use white paper. As an OCI you have to approach Indian High Commissioner for attestation and send it to your sister. Sister will submit the GPA to District Registrar who will validate it by charging nominal fee by putting his seal and signature. Producing the validated GPA to Sub-Registrar sister can sale your property in Bangalore.
- YES , You can give an SPA/GPA in favor of your sister to deal with the property ,and to execute sale deed in the name of the purchaser on your behalf.
- It should be notarized as per rule of UK and attested from the consulate of India.
1. You being an OCI Card holder can execute and notarise a POA in favour of anybody in India.
2. You can get the said POA attested by the appropriate officer of Indian Consulate in the UK.
3. Based on the above POA executed in her favour by you, your sister can sell your property at Bangalore wherein the sale proceeds will be deposited in your account.
1. If you mention your Aadhaar card no., your PAN card no will be detected by the I.Tax department.
2. If there is no ITR filed in earlier years by you, then there will be a question for the same.
3. If you have regularly filed ITR, then your capital gain earned by the property will be taxed in India.
4. If you show yourself a OCI card holder, the buyer shall have to deduct TCS at a much higher rate before making the payment to you otherwise he will be charged the same amount by the I.T.Department.
5. It will always be advisable to come to India to deal with the matter personally, if possible.
Yes,
OCI cardholder can give POA to father-in-law to sell flat in Bangalore
But the stamp duty is high for giving POA to father-in-law. Father-in-law comes under non-blood relative category. The stamp duty for non-blood relative is high compared to blood relative catergoty.
Following people come under blood relative category