Stamp duty payable on poa for investment of funds
shashank manjrekar
(Querist) 30 January 2012
This query is : Resolved
• If NRI ( say from Middle East) is executing POA for investment of fund i/f/o his relative/friend/associate located at Mumbai or Delhi , what is stamp duty payable on such POA?
• How the documents is to be stamped? Procedure to be followed for stamping/notarizing etc of such POA?
ajay sethi
(Expert) 30 January 2012
stamp duty on power of attorney is rs 500 / . the document can be prepared on rs 500 stamp paper or franked and sent to you for signature . you can affirm it before indian consulate in middle east
Raj Kumar Makkad
(Expert) 30 January 2012
After countersigning of high commission. you shall have to send the POA to your agent/holder of POA who shall produce it before concerned registrar who shall register it and only then this POA shall become legal to be used for the purposes mentioned therein/
Shonee Kapoor
(Expert) 31 January 2012
Both replies complement each other and can be used.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
V R SHROFF
(Expert) 31 January 2012
Ajay and Raj combined, relied well.
I will add
POA be prepared and signed in foreign country, before indian consulate.
On arrival, get it attached c Rs. 50/- stamp paper , or franking, and then Register it c Pr of Power holder.
Regn is compulsory for Property matters.
One need to Apply to Collector for Franking, or Sd ,
prabhakar singh
(Expert) 01 February 2012
In your case registration is an optional matter,rest is the procedure stated above.
J K Agrawal
(Expert) 03 February 2012
I think the procedure is some what different. I am not sure but have some idea that one is to execute POA in foreign as per law of that country. That POA is not useful in india unless a stamp duty (it is around Rs 2000/-) paid in india and an endorsement of payment is made on POA. Then one can use it.
