We all know that elder person or a person going abroad, required to draft Power of Attorney for his/her property. Power of Attorney is a legal document executed by any person, in favor of either their relative or any other person in whom he/she has trust. Power of Attorney is governed by the Power of Attorney Act, 1888. The person giving authority is known as the attorney of the party giving the authority and person receiving the Power of attorney is known as Power of Attorney holder. Normally there is no requirement for registration of Power of Attorney. However, if the power of Attorney creates an interest in immovable property, then the Power of Attorney must be registered. Power of Attorney can be authenticated before a Registrar or Sub Registrar within whose district or sub district the principal resides and in case of Power of Attorney is executed outside of India, it can be authenticated by a Notary Public or any Court, Judge, Magistrate or a representative of the Central Government.
Stamp Duty for Power of Attorney :
When a General Power of Attorney is conferred to any relative, which includes father, mother, brother, sister, wife, husband, son, daughter, grandson, granddaughter or any near relative, without any consideration, then Stamp Duty of Rs. 500/ only is applicable for registration. In case, General Power of Attorney is conferred to a person other than above relatives, then stamp duty is payable as per the market value of the property or the consideration, whichever is higher.
If the power of Attorney Holder is other than relative, in addition to the stamp duty, a registration fee of Rs. 100 is applicable. In any other case registration, registration fee is payable at the rate of Rs. 10/- per Rs. 1,000/- with a minimum of Rs. 100/- and maximum fee of Rs. 30,000/- on the market value of property or consideration, whichever is higher.
Stamp duty payable for Special Power of Attorney is Rs. 100/-
What is the difference between General Power of Attorney and Special Power of Attorney?
In a General Power of Attorney, the executor of Power of Attorney( Principal) authorizes the Power of Attorney holder to perform any nature of activity in the context of the immovable property in his name and on his behalf, in a Special Power of Attorney, the Principal authorizes to someone to perform limited activities on his/her behalf or confers limited rights.
GENERAL POWER OF ATTORNY:
General Power of Attorney is to be prepared in following format:
I, ( the name of person giving Power of Attorney), Son/Daughter of (Father’s name), aged about years, residing at ( Residential address)
I, Narendra son of Damodardas Mody, aged about 72 years, residing at 123, Mody house, Hiraba Society, Gandhinagar.
Whereas I am desirous of appointing some fit and proper person to look after all my immovable and movable properties, business and all other affairs and requested ( Name of the Person Receiving Powers ), Son/Daughter of (Father’s name), aged (Age in Years), residing at( residential address), (hereinafter called “the Attorney”) to act for me and manage and look after my affairs which the Attorney has consented to do.
NOW KNOW YOU ALL AND THESE PRESENTS WITNESS that I, the said and do hereby appoint the said Authority as my true and lawful Attorney with full power and authority to do and execute all acts, deeds and things as hereinafter mentioned.
01. To contract with any person for leasing for such period at such rent subject to such conditions as the Attorney shall see fit, all or any of the such premises and any such person, to let in to possession thereof and to accept surrenders of leases and for that purpose to make and execute any lease or grant or other lawful deeds or instrument whatever which shall be necessary or proper in that behalf.
02. To pay or allow all taxes, rates, assessments, charges, deductions, expenses and all other payments and outgoings whatsoever due and payable or to become due and payable for on account of my said lands, estates, and premises.
03. To enter in to and upon my lands and buildings and structures whatsoever and to view that state and defects for the reparation thereof and forthwith to give proper notices and directions for repairing and to let manage and improve the same to the best advantage and to make or repair drains and roads thereon.
04. To sell or exchange and convey transfer and assign any of my lands or buildings and other property for such consideration and subject to such covenants as the Attorney may think fit and to give receipt for all or any part of the purchase or other consideration money and the same or any of them with like power, to mortgage, charge or encumber and also to deal with my immovable personal property or any part there of as the Attorney may think fit for the purpose of paying off reducing consolidating, or making substitution for any existing or future mortgage, charge, encumbrance, hypothecation or pledge of the same or any part thereof as the Attorney shall think fit and in general to sanction any scheme for dealing with mortgages, charges hypothecation or pledges of any property or any part thereof as fully and effectually as I myself could have done.
05. To purchase, take on lease or otherwise acquire any such lands, houses, tenements and immovable property generally as the Attorney may think fit or desirable.
06. To enter in to any development agreement with any developer or builder authorizing him to develop any of my properties as mentioned above and to do and execute all acts and deeds as may be required to be done or executed.
07. To continue and or to open new, current and or overdraft accounts in my name with the banks and bankers and also to draw cheques and otherwise to operate upon any such accounts.
08. To engage, employ and dismiss any agents, clerks, servants or other persons in and about the performance of the purposes of these presents as the Attorney shall think fit.
09. To settle any account or reckoning whatsoever where in I now am or at any time hereafter shall be in anywise interested or concerned with any person whomsoever and to pay or receive the balance thereof as the case may require.
10. To defend any suit or legal proceedings taken against me in any court of law and to do all acts and things as are mentioned above.
11. To accepts services of any write of summons or other legal processes or notice in any suit or legal proceedings and any person to represent in such court civil or criminal, or revenue court or tribunal or before any officer or other Tribunal whatsoever.
12. To exercise any power and any duty vested in me whether solely or jointly with another or others as executors, administrator, trustee or in any other capacity so far as such power or duty is capable of being validity delegates.
13. And also to appear before the Registrar or Sub-Registrar of any District or Sub District appointed or to be appointed under any Act or law or otherwise for the registration of deeds, assurances, contracts or other instruments and then and there or at any time thereafter.
14. To enter in to, make, sign, seal, execute, deliver, acknowledge, perform all engagements, contracts, agreements, deeds, declarations, bonds, assurances and other documents, papers, writings, and things that may be necessary or proper to be entered in to made signed, executed, delivered.
AND I, the above named do hereby undertake to ratify whatever the Attorney or any substitute or agent appointed by him under the power in that behalf hereinbefore contained may lawfully do or cause to be done in and by virtue of these presents.
IN WITNESS WHEREOF I, the above named have hereunto set my hand this day of month of year.
Signed sealed and delivered in the presence of witness.
The above clauses may be modified based on the requirements of the Principal and Attorney.