Arvind Bagde Advocates & Associate's
Arvind
17 Years Exp
General Power of Attorney (Show More)
Nagpur , Mahal (Nagpur)
View Answers by this Partner (0)
Profile Views : 36482
Information
Overview
Where the principal authorises the Attorney to do certain general acts on his behalf. The word "General" here means that the power must be general regarding the subject matter and not general with regard to powers in respect of a subject matter.
Either you can give a GPA for all your properties, banking transactions, tax matters, registration, legal disputes and court matters etc. Or you can give a general power to any one category like only for all property matters or only for all Banking processes etc. This type of Power is very wide and has lot of risk if the Attorney is not a trustworthy person.
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.
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).
a.GPA automatically gets cancelled on the death of Executant.
b. Principal (Executant) may cancel it any time.
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).
Photos
Name : Arvind
Law Firm Name : Arvind Bagde Advocates & Associate's
Country : India
City : Nagpur
State : MAHARASHTRA
Practicing Since: 2008
About Your Firm : We provide services relating to property laws, banking and financial services, negotiable instruments act, and other relative services
| Sr Employee Associated | Sr Employee Enrollment/Reg.No | Sr Employee Enrollment/Reg.State |
|---|---|---|
| Bar council of maharashtra and goa | ||
| Jr Employee Associated | Jr Employee Enrollment/Reg.No | Jr Employee Enrollment/Reg.State |
Legal & Drafting
NRI Services
Realtors
No Answers Found
