My son, now a US citizen, wants to sell his residential property here in India. He is not able to come to India to sell it. So, he wants to prepare a specific power of attorney there (in the US) in my name. Would such a power of attorney be admissible here? To ensure its full acceptance here, what are all the things he must do?
,Name withheld on request
Yes, such power of attorney would be admissible in India. However, this will depend on a state-by-state basis as each Indian state has a different and specific process.
The general procedure is a specific Power of Attorney which must first be executed and verified by the Indian Consulate in USA. Thereafter, the Power of Attorney would have to be sent to India and decided by the Collector under the Indian Stamp Act, 1899 and the appropriate stamp duty (as decided) would have to be paid within three months from the date of receipt of the Power. Lawyer in India. Thereafter the power of attorney has to be registered by the holder of the power of attorney and only on the registration of the power of attorney, the holder can act on the powers conferred by the power of attorney and enter into a transaction to sell the immovable property. ,
If the nominee dies before the death of the Fixed Deposit (FD) holder and then the FD holder dies before replacing the nominee, can the legal heir of the nominee claim the amount, or will it be Can all legal heirs of an FD holder claim the amount?
– Name withheld on request
Nomination is a stop gap arrangement and ultimately the legal heirs of the deceased are entitled to the property in the absence of a will.
In the present case, the legal heirs of the FD holder will be entitled to claim the FD and not the legal heirs of the nominee, as the nominee is only a trustee and acts in a fiduciary capacity for the ultimate beneficiary.
Aradhana Bhansali is a Partner at Rajni Associates.
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