Author: Chaital Vas and Bhakti Thakker – Advocates and Solicitors at Affluence Advisory
If due to exigencies of business, travel plans etc., a person/s is/are not available to attend to his/her/their affairs viz. property related, legal issues, etc., he/she/they can authorise a confidant, to carry out activities, on his/her/their behalf. In such a case, a PoA is executed between the party/ies granting such power/s (‘Grantor’) and the person authorised to carry out such activities (‘Attorney’ / ‘Grantee’).
- Types of PoA:
Sr. No. | Types | Particulars |
1. | General PoA | It relates to several transactions and to do several acts and things. |
2. | Specific PoA | It relates to a specific transaction. For example – to be present, admit, lodge a document and to admit execution thereof. |
- Can a PoA be revoked?
Yes, a PoA can be revoked under the following circumstances:
- When the Grantor sends a notice to the Attorney of his intention to revoke the PoA;
- When the purpose mentioned in the PoA is accomplished;
- When either the Grantor or Attorney becomes of an unsound mind / dies or adjudicated as insolvent.
Also Read: Agreement to Sell vs. Sale Deed – Key Differences & Legal Insights
- What is an Irrevocable PoA?
By way of an irrevocable PoA, the Grantor permanently transfers specific decision-making rights to the Attorney. These rights cannot be withdrawn or modified without the Attorney’s consent.
- Can a PoA be recognised as a title document or document conferring right in an immovable property?
No, a PoA cannot be recognised as a title document or document conferring right in an immovable property.
- Stamp duty payable for a PoA:
Let’s take the Maharashtra Stamp Act, 1958 (‘Act’) for example.
Article 48 of Schedule I of the Act interalia deals with the following stamp duties payable for a PoA:
Sr.No. | Particulars | Amount |
1. | PoA authorising one person to act in more than one transaction or generally. | Rs.500/- |
2. | PoA authorising more than one person to act in a single transaction or more than one transaction jointly or severally or generally. | Rs.500/- |
3. | PoA given for consideration and authority to sell an immovable property. | Same duty as is leviable for Conveyance of property under Article 25 of Schedule 1 of the Act. |
Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this article. It is recommended that professional advice be taken based on specific facts and circumstances. This article does not substitute the need to refer to the original pronouncement.
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