Power of Attorney – Stamp duty & Registration Fees
In this article, you will learn about the applicable Stamp Duty on different types of Power of Attorney for the properties located under the Corporation and Rural areas of Pune, Pimpri Chinchwad, and PMRDA.
Note: Near Relatives include – father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother, or sister of the spouse.
Listen audio of this article –
Power of Attorney can be given to anyone for any purpose. It is not compulsory to give it to blood relatives or near relatives. But, if someone wants to sell immovable property in that case due to Stamp Duty rules, it will be beneficial to give it to blood relatives or near relatives. When it comes to the Power of Attorney in favor of non-near relatives given for the sale of the property then stamp duty is equivalent to the conveyance deed will be applicable.
Power of Attorney given for purposes other than selling the immovable property will attract very nominal Stamp Duty and Registration Fees. But, Stamp Duty equivalent to the Conveyance Deed is applicable in case Power of Attorney to Sell an immovable property given to other than a Near Relatives.
In Maharashtra, Rs. 500/- Stamp Duty and Rs. 100/- Registration Fees will be applicable for the Power of Attorney to sell the property without consideration if it is given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother, or sister of the spouse.