In Uttar Pradesh, on the sale of immovable property on the basis of Power of Attorney i.e. Power of Attorney, stamp duty will have to be paid according to the market value (circle rate) like registry i.e. sale deed.
Earlier, stamp duty did not have to be paid. However, if the family members get the power of attorney done among themselves, then they will not have to pay stamp duty and will be able to get the power of attorney registered by paying only Rs 5,000.
In fact, the government has taken this step to curb illegal buying and selling of land property. In the last few years, the number of registration of Power of Attorney in the state is continuously increasing. Especially in the districts of western Uttar Pradesh, a lot of land transactions are taking place on the basis of power of attorney.
In the cabinet meeting held on Tuesday under the chairmanship of Chief Minister Yogi Adityanath, it was decided to collect stamp duty on Power of Attorney. Power of Attorney is done to give the right to sell immovable property. Although it is not mandatory to register it, but for its authenticity, people register it. It has become a powerful weapon for illegal sale and purchase of immovable property.
Exemption to family members:
If family members execute a power of attorney among themselves, they will have to pay Rs 5,000 instead of stamp duty. Like father, mother, husband, wife, son, daughter-in-law, daughter, son-in-law, brother, sister, grandson, granddaughter, granddaughter are considered as family members.
How much will be the fee
Stamp duty will be charged according to the market value of the property, just like the deed of power of attorney. In the decision of the cabinet, it has been approved to pay stamp duty under rule 23 clause (a) on the power of attorney.
According to this, women have to pay 4 per cent stamp duty and men have to pay 5 per cent stamp duty on bills of exchange up to Rs 10 lakh on registration. In developed areas, this fee is 7 percent. The same stamp duty applicable on the non-deed will be applicable on the registration of the power of attorney.
Till now it used to cost 50 rupees.
In Uttar Pradesh, there was a power of attorney in the name of less than five people, there the stamp duty was only 50 rupees. In Delhi, 3 percent stamp duty is levied on Power of Attorney. In some other states also stamp duty is levied on the registration of Power of Attorney.