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Power of attorney with consideration is equal to sale.?
08-Apr-2023 (In Property Law)
Power of attorney with consideration is equivalent to sale.? if then the power agent sells the property the capital gain would be in power holders account or the initial vendor account.?
It's an illegal practice that has been followed by many just to avoid stamp duty. POA holder is merely an agent who fulfills the assigned power. He can never be a title holder. If after selling the property the consideration was transferred to POA agent's account then there's is a possibility that he can find a way to retain it. But practically, the purchaser must be informed to transfer the consideration to the actual owner's account.
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Dr. S. Diraviam Dinesh
Chennai | 1000+ Answers
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