Punjab Cabinet nod to amend India Stamp Act 1899, to levy 2% stamp duty on power of attorney issued outside family

The Fact News Service

Chandigarh, June 20

The Cabinet also gave nod to amend the entry number 48 in schedule 1-A for Punjab, in the Indian Stamp Act, 1899, thereby levying 2% stamp duty of the amount of the consideration or of Collector rate in respect of the property for the the Power of Attorney issued to people other than those in blood relations.

This will be levied when power of attorney is given to a person other than a family member (viz. spouse, child, parent, sibling, grandparent and grandchild), authorizing him to sell any immovable property. This move is aimed at checking the misuse of the power of attorneys and checking frauds with the people.

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