Sale of property
This query is : Resolved
05 September 2016
Sir,
I am likely to buy a land located in Bangalore belonging to two joint holders who are NRIs. One of the joint holders, the husband, has executed a GPA in favour of his wife (another joint-holder) on a 200 Rs. stamp paper and executed this in front of a Notary. Please advise:
1. Would this GPA entitle one of the joint-holders, (wife) to execute the final sale deed with us solely as the husband is unable to travel to India now?
2. Would a non-registered GPA be accepted as adequate
for a sale transaction?
06 September 2016
01. The power of attorney should be registered in the office of registering authority. The only it is said to be valid. (Right now if the concerned person is out of India, then the same may be executed in the office of CONSULATE where the said person is living at present)
02. No...
02. No...
06 September 2016
Also take a good cognizance of section 195 of income Tax for tax deduction, before making any payment to non resident.
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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