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Arif (Representative)     25 July 2013

Sell property with a poa

To whom it may concern, 

My first question is: My parents had purchased two flats and a shop in mumbai in the 90s  when we were all citezens of India.  The flats have my parents name or my name and in 1 instance my sister's name as well.  Now we are all citezens of USA.  We want to sell the property in India, but unfortunately, my sister and my parents cannot travel due to health and personal reasons.  So they want to give me the POA to do it on their behalf.  Can this be done?  

My Second question is that what are tax implications on this and what would be the best way to move the money collected from the sale to India to US?



Learning

 6 Replies

Adv Archana Deshmukh (Practicing Advocate)     25 July 2013

I will reply to the first part only as the second does not fall within my area of practice. Yes, your father and sister can give you a POA to sell the property in their behalf. The POA should be duly attested by the Indian counsulate in USA.

Advocate Ravinder (Advocate/Attorney)     25 July 2013

I completely agree with archana, ofcourse the POA should contain sale powers should be registered before the sub registrar before the selling the immovable property. 

Kishor Mehta (CEO)     26 July 2013

Sir,

With respect, I would like to add that the power of Attorney, with a clause permitting sale executed in favour of a relative, should be on a Rs.500/- stamp paper, properly attested, registered and adjudicated.

Good Luck,

Kishor Mehta

Arif (Representative)     26 July 2013

Thank you very much kishore.  What would be an estimated cost associated with this.  

Arif (Representative)     26 July 2013

One of the lawyers I spoke with mentioned that the POA needs to be embossed by DC within 90 days of its signing.  Is there a difference between embossed vs. adjudicated?

Kishor Mehta (CEO)     26 July 2013

Sir,

[1] The POA is to be adjudicated by the authorities at Mumbai for properties at Mumbai.

[2] It is to be presented before the adjudicating authorities within stipulated period, with the required information about the property in an affidavit.

Good Luck

Kishor Mehta


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