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Explore a range of essential legal services with HamaraWill. We provide the tools and assistance you need for smooth legal planning.
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Types of Power of Attorney –
It is important to understand the different types of POAs, as they define the scope of authority granted to your representative. In India, the main types of POAs are:
General Power of Attorney (GPA)
A General Power of Attorney grants comprehensive authority to your agent, enabling them to handle a wide range of financial and legal matters on your behalf.This includes selling property, filing tax returns, paying bills, managing bank accounts, and making other significant personal and business decisions.
Special Power of Attorney (SPA)
A Special Power of Attorney provides your agent with limited authority to carry out specific tasks or make certain decisions for you.For example, you might authorize an SPA to sell a particular property or handle a specific legal issue.
Power of Attorney
A Power of Attorney is a legal document that authorizes one person (the principal) to grant another person (the agent) the authority to act on their behalf in financial, medical, or personal matters.
This document can be issued for a variety of purposes, including but not limited to selling or purchasing property, managing bank accounts, and representing the principal before statutory or government authorities.
Gift Deed
In India, the gift deed is a legal document used to transfer ownership of certain assets or properties from one person, known as the donor, to another person, known as the donee, within one’s lifetime and without any exchange of money.
It is a common way to gift assets to family members, friends, or other individuals, and it carries legal significance under the Transfer of Property Act, 1882, and the Income Tax Act.
What may be given as a gift?
- The gift deed must specify the existing moveable and immovable property.
- The nature of the gift deed must be palpable and transferable.
Procedure for Gift Deed registration
- The donor and the donee will sign a gift deed in the presence of two witnesses.
- Gift Deed Registration takes place at the office of the Registrar or Sub-registrar.
- Submit the signed documentation to the sub-registrar as per the jurisdiction of your property.
- Stamp duty is calculated based on Market valuation of the property.Fees associated with the Gift deed registration must be paid.
A legal heir certificate is required for the following purpose:
- For transferring immovable properties and assets of the demised person to his successors.
- For claiming insurance.
- For sanctioning and processing the family pension of the deceased employee.
- To receive dues such as provident fund, gratuity, etc. from the government.
- To receive salary arrears of the deceased, State/Central government employee.
- To gain employment based on compassionate appointments.
Legal Heir Certificate
A legal heir certificate is an important document upon the death of a family member. It establishes the relationship between the deceased person and his/her legal heirs. The legal heirs must apply and obtain the legal heir certificate to transfer the ownership of assets of the deceased person to themselves.
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