For Movable Assets
Should be notarised in India or Abroad.
Should be stamped as per local Stamp Act, in Gujarat, it is Rs. 300/=.
Important clauses of POA to manage Movable Assets
- To carry out all the operations of Depository Account including instruction for debit & credit to the demat account.
- To carry out operation of Government supported savings schemes with specific mention of names.
- To carry out the affairs of a Hindu Undivided Family (HUF) where the NRI is the Karta of his HUF.
- To carry out the affairs of Partnership or Proprietorship Concern.
- To carry out functions as a Director of a Company.
- To make and accept all claims under a WILL or under succession.
- To encash fixed deposits even before maturity and close bank accounts (subject to acceptance by the bank).
For Immovable Assets
- If giver and receiver of POA holder both are in India
- Should be registered with respective Registrar where the property is located in India.
- If giver and / or receiver of POA are out of India
- POA should be executed & signed before Indian Embassy abroad and thereafter should be submitted in 90 days to registrar where the property is located. It will be stamped & verified by Stamp Duty Collector Office & District Collector Office. Giver & Receiver of POA both can execute and sign out of India.
- Appropriate stamp duty has to be paid, which is Rs. 300/= for POA to close relatives (father, mother, brother, sister, wife, husband, son, daughter, grandson, granddaughter) .
- When POA given to any person other than close relative, market value based stamp duty will be liable on the POA.
- It is advisable to give a Letter of Authority to a lawyer, to represent the parties before authorities in India, when the giver & receiver of POA is out of India.
