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Q. POA clarity

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Anonymous

posted 6 months ago

Q.POA clarity
I ventured in a development contract with a builder, on my own property in Goa. Initially, since i am a resident in Pune, I had prepared a POA in favor of the builder to ensure all the sale deeds, etc are carried out by him on my behalf so that my physical presence would not be required in Goa. Now i am instructed by the builder to prepare a POA in favor of my cousin brother to carry out the formalities of sales deed, registration etc of the flats sold as there is a new rule by the supreme court that the builder cannot carry out these formalities.

Is this accurate information? If yes, is it safe to assume that the POA i draft in my cousin's name will not lead to any conflicts later?

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 6 months ago

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A. ) Dear Sir,
Poa sales altogether banned by SC.
Gift Deed – once registred no cancellation
A gift is a money or house, shares, jewellery, etc. that is received without thought, or merely an asset acquired without making a payment against it and is a capital asset for the ‘Recipient.’ It can be as cash or movable property or immovable property.
If you might want to gift the property to any of your blood relatives, Gift deed can be used. In the case of immovable property, it is required to register the Gift Deed as per Section 17 of the Registration Act, 1908.
This kind of transfer is unavoidable. When you gift the assets like land, it belongs to the beneficiary or receiver of the gift and you cannot switch the transfer or even ask money related compensation.
It can be a cost effective method of transferring the ownership.
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Anonymous

Replied 6 months ago

Hi,

I am not referring to a gift. I want to know if it is ok to make a POA in the name of my cousin to carry out the formalities of preparing the sales deed and flat registration on my behalf?

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Sunil Kumar Singh

Experience: 17 Year(s)

Responded 6 months ago

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A. ) Dear Sir until you not Cancelled POA it's effective
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