Basic concept of power of attorney

		Explain the Power of Attorney?
Ans		There are two kinds of Power of Attorney. 1. General Power of Attorney (GPA) 2. Special Power of Attorney (SPA) a) General Power of Attorney is executed by a person in favour of another to act on behalf of him generally. It may include management of property, Court matter/litigations, sale of mortgage of property or any other act. b) Special Power of Attorney is executed to do a particular act. Power of Attorney holder is answerable to the principal and liable to give accounts to him.
Q 39		Does property get transferred by getting a General Power of Attorney from the person selling it? Can the agent become owner of property?
Ans		No. It is wrong to say that ownership is transferred by getting General Power of Attorney. Persons purchasing property must get the sale deed registered. This principle applies to other kinds of transactions also.
Q 40		Who can execute Power of Attorney?
Ans		A person who has attained majority may execute power of attorney in favour of another person who has attained majority including family members like brother, sister, father and mother to act on his behalf. If a power of attorney is executed to sell property in favour of relatives other than those mentioned above, 2 percent stamp duty shall be paid on market value of such property. If a power of attorney is executed in favour of developers, Builders of apartment, 4 percent stamp duty shall be paid on market value of such property. (see article 5(f) & 41(a), 41(ea), Schedule to Karnataka Stamp Act 1957).
Q 41		When would a General Power of Attorney gets cancelled?
Ans		a. GPA automatically gets cancelled on the death of Executant. b. Principal (Executant) may cancel it any time.
Q 42		What does Irrevocable Power of Attorney mean?
Ans		If the Power of attorney is executed for consideration in respect of property it cannot be unilaterally revoked, prejudicial to the interest of the agent (See Sec.202 of Indian Contract Act, 1872).
Q 43		What is the meaning of a Special Power of Attorney?
Ans		(a) Power of Attorney executed by a person in favour of another to act on his behalf for specific purpose is called Special Power of Attorney. (b) If a person is unable to go over to registry office to present a document executed in his favour or to admit execution of document executed (signed) by him, such power of attorney shall be authenticated or attested by a Sub Registrar. Otherwise they are not acceptable for the purpose of registration.
Q 44		Is it compulsory to register power of attorney attested in India by Magistrate or notary?
Ans		They need not be registered. But General Power of Attorney containing authority to present or admit execution of a document executed by the principle is not acceptable for such presentation or admission of execution unless they are attested or authenticated by a Sub Registrar.
Q 45		Is it compulsory to register General Power of Attorney executed by persons residing out of India and attested by officers of Consulate office of India in that country?
Ans		It is not necessary to register. But Stamp duty as per Article 41 shall be paid within 3 months from the date of receipt of the power of attorney in India.
Q 46		Is it compulsory to get a Power of Attorney attested by a Sub Registrar if it has already been attested by Magistrate or Notary, under which documents are signed by the agent?
Ans		Not necessary

souce;http://www.karunadu.gov.in/karigr/faq/registrationofdocuments.htm#39

Print Page