What exactly do we mean by a Free Hold Plot ? What are the advantages and disadvantages, if any?
A freehold property (plot or a flat) is one where there is a whole and sole owner(s). Ownership is full and unconditional (within the provisions of the laws of the land) and there is not lessor / lessee involved.
Who is the appropriate authority for knowing the market value of the property?
The Sub-Registrar of the area in whose jurisdiction the property is located is the appropriate authority for knowing the market value of the property.
Which are the instruments that attract payment of Stamp Duty on?
The instruments like Agreement to sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, Power of Attorney, Settlement and Deed and Transfer of Lease attract Stamp Duty on market value of the property.
What is meant by the market value of the property and whether Stamp Duty is payable on the market value of the property or on consideration as stated in the agreement?
Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value, whichever is higher.
Who is liable to pay Stamp Duty to the Buyer or the Seller?
The liability of paying Stamp Duty is that of the buyer unless there is an agreement to the contrary.
The Stamps are required to be purchased in whose name?
The Stamps are required to be purchased in the name of any one of the executors to the instrument.
What are the risks associated in buying a Plot / House on Power of Attorney (POA) basis?
Purchasing a Plot / House on a POA basis is not permitted under the law of the land.
Is a POA Revocable?
Yes, POA can be either revocable or irrevocable, depending on what sort of a POA one has made.