This Non-Judicial Stamp Paper forms an integral part of the Avenues India Pvt. Ltd. Internet Gateway Merchant Legal Agreement executed by. PDF | The authors review the options for reform of stamp duties on The authors then study the revenue implications of lowering stamp duty rates, which need. AFFIDAVIT BY THE STUDENT (on Rs Stamp Paper) 1. I,. (full name of applicant) Son/Daughter of Mr., have completed all the academics, other requirements.
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Judicial Stamp Versus Non-Judicial Stamp: (Compiled) Stamp papers which would be used in courts like for payment of court fees is Judicial stamp paper. This report takes a wide-ranging look at the potential for 'paper stamp duty' to be transactions are handled electronically, by Stamp Duty Land Tax (SDLT) in. Fill E Stamping Application Form, download blank or editable online. Sign, fax Application Form to reclaim stamp duty - Intermediary Relief (PDF, KB); pdf.
Such transacting does not require a POA. Authority to sell property may therefore legally be given orally, or by an authorisation short of a POA. That will entail practical difficulties in implementation. A prospective downloadr of property may be unwilling to deal with such an agent.
Choosing an attorney Whether X wishes to appoint an attorney to complete the deal with a chosen downloadr, or to find downloadrs and then complete the sale, X will want to appoint a person whom he can trust and have faith, and who will effectively complete the intended business. If property to be sold is situated in another place, he will possibly want to choose a person belonging to that place, or is able to complete the deal effectively there.
He may expect advice from the attorney. This choice is important. X may not have close relatives or have relatives with these abilities or qualifications. X must also exercise care and caution in his choice. Whatever Y, the chosen attorney, will do in the exercise of powers given to him, will bind X. It is in the interest of X to give Y only the powers necessary for completing the task, and no more.
Thus where X wishes to sell one of his many immovable properties, he ought to give powers to Y for sale only of that property. If he were to give a general power of attorney giving Y powers to sell any land owned by X without specifying properties, X takes considerable risk. Even after appointing Y, X does not lose his power to sell the land himself. X may himself find a downloadr, or may be required to find one if Y does not find one.
X can appoint another attorney in addition to Y for the same deal. This is, however, not desirable.
On approaching in interested downloadr Z in this case , Y cannot insist that Z must deal with him and not with X. Y is bound to follow all directions, if any, of X given in the POA; otherwise he is free to use his own discretion.
He is not under the control of X. Y is not entitled to remuneration for making the deal, unless specifically agreed. Y is liable to give account when demanded by X.
Y is entitled to reimbursement of amounts spent by him for the purpose of completing the deal, whether the sale actually happens or not. Y is also entitled to indemnity for losses and expenses he suffers while exercising his powers. Y is not bound to sell the property or to do anything at all. Generally in all cases except one , X can revoke the powers. Every POA can be revoked by giving notice to the attorney. However, it is effective against third parties only when they know about the revocation.
Acts done by the attorney before revocation bind the giver. A POA is not irrevocable simply because it mentions so. The only instance of irrevocable POA is where the agent or attorney has himself an interest in the property which forms the subject matter of that agency section of the Indian Contract Act. Yet even such irrevocable POA cannot compel third parties to deal with the attorney.
Generally X will bear the stamp duty on the POA, and Z will bear the stamp duty on the sale-deed of the property. A POA merely enables the attorney to act on behalf of and in the name of the giver. If he does any such act, the transaction binds the giver. Hence if under a POA to sell immovable property, the attorney makes an contract for sale agreement to sell , the giver will be bound to complete the sale according to the terms agreed by the attorney with the downloadr of property.
If he sells the property under the POA, the ownership gets transferred. If he does nothing, there is no effective transaction. If one analyses this relationship in terms of rights and duties, a POA pure and simple merely confers powers on the attorney with a liberty to exercise them.
The creation of rights and duties will depend upon whether the attorney exercises his powers. The giver owes no duties to the attorney that the giver shall complete the transaction; the giver becomes liable to the third party.
The attorney is not subject to any duty, liability or disability under the transaction, unless he has undertaken to be personally liable. He does owe duties to the giver to exercise use diligence, and not to deal on his own account etc.
It might either be another transaction passed off as a POA, in which case it must pay stamp duty applicable to the true nature of the transaction. Else it might be part of a larger transaction, in which case the whole transaction affects its liability to stamp duty. An example of the latter is the POA taken by developers of property from its owner for the purposes of doing all acts facilitating development of property. A POA facilitates the giver when the giver can get his task done through another.
This will be a stand-alone POA, unconnected with any transaction between the giver and the attorney. Consideration is not necessary for creating an agency section of the Contract Act ; hence such a POA is a valid contract and enforceable. Where it facilitates the Attorney, it is actually protecting some interest or concern the Attorney has in the business or task in connection with which the POA is given.
This is a supporting POA, it supports or facilitates another transaction between the giver and the taker. Thus the fact that the Bank has given an amount to the borrower is consideration for the borrower giving to the Bank the powers under the POA. Thus where X, in return of Y paying him an amount or doing something for the benefit of X, gives to Y a POA with a power to sell immovable property, absolutely or subject to certain conditions, the POA is given for consideration.
The fact that Y has given an amount or done something for the benefit of X is consideration for X giving to Y the powers under the POA. To take an example - X may have chosen to sell his flat to Y. In order to avoid stamp duty both may decide orally about the sale, though such a course of action may expose them to severe disabilities.
Since Y has not acquired any interest in the flat to be able to sell it later, he will seek a POA from X empowering him to sell the property. When Y wishes to dispose of the flat, he will exercise the powers under the POA, collect the price and keep it for himself, but effect the sale on behalf of X.
This would be a sale by X to the prospective downloadr. This POA is for the benefit of Y, the attorney.
Under it, Y seeks to have the powers of sale, which are the powers of an owner of property. He wishes to have the powers without making a sale-deed and himself becoming an owner. This is a POA for consideration. Such POAs have been liable to stamp duty as if a conveyance, i. Explanation III to the Article provides that duty paid on such a POA shall be deducted from the duty payable on any conveyance relating to that property is executed in pursuance of power of attorney between giver and the attorney.
Under this Explanation, stamp duty is not deducted if the attorney sells the property to another person. Before the amendment, any other POA with powers to sell immovable property, other than one given to a developer of property attracted a stamp duty of Rs The Amendment of now provides that a POA will attract the same duty as a conveyance if i it authorises to sell immovable property, or ii it authorises to transfer immovable property, and iii it is given without consideration or without showing any consideration The POA will attract a stamp duty of only Rs if it is given to specified relatives, i.
There are no consequential amendments. There is no power for making rules specifying who those other close relatives will be. There is also no provision for any adjustment or deduction of stamp duty from the stamp duty payable on any conveyance that may be effected using the POA.
The amendment does not state whether it would apply only in cases where the property is situated in Maharashtra. The objective of the amendment is clearly generation of additional revenue. It is not made for check evasion of stamp duty. A general POA for sale of any immovable property of the giver falls outside the provision.
In any case, it will not be possible to ascertain any stamp duty on a POA if no property is specified in it. Some views about the Amendment of April The blanket imposition of stamp duty on all POAs by the Amendment of April is arbitrary, unjust and unfair. It will hinder and slow down transacting of immovable property. Burdensome and unjust imposition Substantial number of POAs are made honestly by owners because it is convenient and facilitates their transactions.
The amendment disregards this factor and penalises honesty for the sake of catching the small number of dishonest evasive transactions. Note: To add an image to a PDF one time only, simply paste the image into the document. Pasted images have the same characteristics as other stamp comments; each includes a pop-up note and editable properties. Click Import, and select the file. If the file has more than one page, scroll to the page you want, and then click OK.
Choose a category from the menu or type a new category name, name the custom stamp, and then click OK. Choose the stamp category, right-click the stamp, and choose Edit. Edit the category or name of the stamp, or replace the image, and then click OK. Delete a custom stamp You can delete only the custom stamps that you created, not the predefined stamps.
Choose the stamp category from the menu, right-click the custom stamp, and choose Delete. Select the category you want to delete, and then click Delete.
Note: Deleting all stamps in a custom stamp category deletes the custom stamp category. More like this.