Pay stamp duty to regularise GPA deal
The Delhi government on Friday clarified that all transactions carried out before October 2011 through "general power of attorney (GPA), agreement to sell and will" would not be affected in any way. HT reports.delhi Updated: May 05, 2012 00:31 IST
The Delhi government on Friday clarified that all transactions carried out before October 2011 through "general power of attorney (GPA), agreement to sell and will" would not be affected in any way.
The Supreme Court had on October 11 last year banned registration of sale deeds of property transactions carried out through GPA transfer.
The government also said people who had registered their properties through GPA after October 11, 2011, can get them regularised by paying a six per cent stamp duty in case of men and 4 per cent for women.
Henceforth, GPA will be allowed only for transfer of custody, maintenance and authorised use of the property and not to effect any change in title.
Revenue Minister AK Walia said restrictions were put on GPA as a mode of property transfer after the apex court order. But such transactions still take place because of which an advisory was issued to all officers concerned last week.
"The advisory was issued to ensure total compliance of the Supreme Court order," said Walia. The court had ruled that sale transactions carried out in GPA would have no legal sanctity and immovable property can be sold or transferred only through registered deeds.
Divisional Commissioner Vijay Dev said property transaction through GPA had come down sharply after the Supreme Court order. "In April, out of 8,743 transactions only 1,264 were carried out through GPA. We collected revenue of R145 crore from property transaction through sale deeds. Only R6 crore were collected from transactions through GPA in April," said Dev. "GPA holders will not be able to transfer the property unless it is agreed upon by the owner. The sale deeds will be executed provided the owner agrees and the amount of transaction is credited in the name of the owner," added Walia.