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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Supreme Court of India rests out the much awaited & debated issue of Power of attorney

Will there be any impact of the same in the real estate transactions involved in Maharashtra?

Do the home seekers here in Maharashtra have any reason to worry?

Consider a situation where a developer enters into an arrangement with a landowner which is 'intent to do a deal' and gets a general Power of attorney signed by the land owner but doesn't register it. Based on this POA, he does a 'soft launch' or ‘pre launch’ booking of flats in the project which is yet to be sanctioned. What do you think of the situation the Home Seekers might have to face on booking in such projects?

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THE POWERS OF ATTORNEY ACT 1882

Table of Content

Courtesy Adv. R. P. Rathod @chsguru.com

Sections	Details
	Preamble
Section 1	Short title
Section 1A	Definition
Section 2	Execution under power-of-attorney
Section 3	Payment by attorney under power without notice of death, etc., good.
Section 4	Deposit of original instruments creating powers-of-attorney
Section 5	Power-of-attorney of married women
Section 6	Repealed by Act XII of 1891

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