balu mangle (employee) 25 March 2013

Stamp duty

Sir,

my friend's son is going to abroad for two years. He desires to give general power of attorney in favour of his father to manage his bank accounts, tax returns and looking after of his flats such as giving on L & L Agreement in mumbai.

I came to know that stamp duty on general power of attorney is Rs. 500/-, and Schedule shows only Rs. 100/-, and I am not able to find any such amendment about it in maharashtra as per Bombay Stamp Act, 1958. And also I am not able to find any table showing registration fees required for various documents. whether it is 1% for all or different for different instruments.

thanks

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kavksatyanarayana (subregistrar/supdt.(retired)) 25 March 2013

The Bombay Stamp Act applies to the entire State of Maharashtra

Under Article 48 of schedule –I, the stamp duty for Power of Attorney is

a.for sole purpose of registration= Rs. 100

b.for suits in small causes court= Rs. 100

c.for acting in a single transaction to one or more person= Rs. 100

d.for acting in more than one transaction or generally to one person= Rs. 100

e.for acting in one or more transactions or generally to one or more persons=Rs. 100

f.(i) for or without consideration and authorising to sell an immovable property= Same as on a

conveyance on the market value

(ii) for authorizing to sell immovable property without consideration and given to parents, siblings, spouse, children, grand children, other close relatives= Rs. 500

g.for construction, development, sale etc. to a developer or promoter= Same as on a conveyance on the

market value

h.in any other case=Rs. 100

Special Points: 1.In case of (f), set off of duty paid will be given on execution of the conveyance 2.Duty payable under (g) will be Rs. 100 only if duty is already paid under Article 5 (g-a) on Development Rights’ Agreement