Want to give authority of my share to another person in lieu of money
13-Mar-2023 (In Property Law)
I am Hindu. I have a commercial property (Lodging and Boarding) and hold 5th hissa of that property. I want to give authority to third party in favor of money. Can I do so without the permission of other property holder.
Hi. I would like to know if the property is a coparcenary property owned by a Joint Hindu Family? If yes then without consent of other holders you cannot part with your share in the property to a third party. If it's not a joint family property then you can deal with your share in the property in any manner you deem fit. You can execute a power of attorney with authority to sell in favour of that third party or directly sell your share in the property to that third party against consideration. On both the options there will be stamp duty implications and the power of attorney/sale deed will have to be compulsorily registered. In order to avoid any possible disputes between the other holders and you, it's better to include the holders in the power of attorney as confirming witnesses and as confirming parties in the sale deed, depending which option you go for.
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