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What Is Power Of Attorney?
A Power of Attorney is a legal document by which one person gives the right to perform or powers of transacting in matters relating to property, banking, legal and judicial proceedings, tax payments, etc, to another person due to certain reasons like being out of country, or getting old, or not able to look after one’s duties in those matters etc.
Principal/Grantor/Donor- The person who grants the power to the other person to act on his behalf is termed the grantor or principal or donor.
Attorney/Agent/Donee- The person to whom the power is granted is termed the Attorney or agent or donee.
Types Of Power Of Attorney
General Power Of Attorney- A person can give to another person a complete general right or power to act lawfully with respect to his property or bank accounts or tax payments, or registration work or to sue a third party etc. It is commonly termed as GPA.
Special Power Of Attorney
A Special power of Attorney is to be made by a person when any particular or specific task or act is to be done. Once the particular act is completed the Special power of Attorney comes to an end.This is generally used when you want to rent out your property or appear for the registration of any property or appear in a court on behalf of the Principal or to appear before the Tax authorities etc.
Durable and Non-durable Power of Attorney
IF the Principal wants the Power of Attorney deed to continue even after his death then he has to mention it in the Power of Attorney deed. Such a Power of Attorney is termed as Durable Power of Attorney. If there is no mention that the power shall continue after the death of the Principal then it is a non-durable Power of Attorney deed.
Power Of Attorney By Non-Resident Indians (NRI)
An NRI or non-resident Indian can make a Power of Attorney deed even by staying outside India without having to come to India for that purpose. Most NRIs have properties and banking transactions in India which may require their presence while transactions happen.But it is often not possible to come to India for each such transactions. For this then NRIs can always give the powers to transact to another person who is either a family member or a friend.
Property matters POA need to registered at sub registrar office.
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