Close relatives should be clearly defined to reduce Stamp Duty implications on the Power of Attorney examines Adv.R.P.Rathod

As per the Bombay Stamp Act, 1958, if a Power of Attorney is given to a person other than a close relative authorising the person to sell or transfer immovable property, stamp duty payable on such Power of Attorney is the same as that on a conveyance on the market value of the property, this is to say that the stamp duty could be up to 5% of the market value of the property if such property is in Mumbai says Adv. R. P. Rathod.

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