Flat in Co-op Housing Society (CHS) has been purchased & registerd in joint names - "A" & "B" (A's name appearing first).
"A" had taken bank loan to buy the flat and paid EMIs from his account and claimed benefits under IT. After 3 years, "A" paid entire bank amount.
Q1: "A" wants to give irrevocable power of attorney to "B" and register this with the Registrar of properties. Is it essential to pay any kind of consideration money to "A" by "B"?? If yes, will it be considered as Income in the hands of "A"???
Q.2: Now, when "B" desires to sell the flat, is it required to involve "A" in the transaction of sale as POA has been registered with the Registrar???