The Tamil Nadu government has taken a major step to ease property transactions and make the process simpler for the people. Now the stamp duty for General Power of Attorney (GPA) property agreement has been fixed at 100 only. This means that no one will have to spend a lot of money to prepare a GPA for their property. This step has been taken to make small and big property transactions transparent and simple.
GPA is mostly used when the property owner himself cannot be present. For example, if a person lives in another city or state and wants to sell or rent his property, he can authorize a trusted person to work on his property through GPA. Now this document will be legally valid by paying only 100 stamp duty.
What Is Stamp Duty?
Stamp duty is a type of tax. It is taken by the government to make the documents legally valid. When a person buys or sells property, or takes any other legal action, it is necessary to pay the stamp duty.
Read Also: GPA Property Sales Not Legally Valid, Registered Deed Required
No document is admissible in court without stamp duty. It is also a source of revenue for the government. Stamp duty varies from state to state. It depends on the type of document and its price. For example, stamp duty is different for the sale of a property and different for a document like GPA.
The new rule ensures that one does not have to spend much to prepare a GPA. The fixed fee of 100 is easy and accessible to every person. This will help the general public in legal procedures.
What is General Power of Attorney (GPA)?
The General Power of Attorney (GPA) is a legal document. In this, the owner of the property gives the right to another person to work on his property. This document is not limited to property only. It can also be used for banking, insurance and other financial functions.
Through the GPA, any person can give his representative the right to sell, buy or rent a property. The advantage of this is that the owner does not need his presence every time. He can get his work done through a trusted person.
To prepare a GPA, it is necessary to validate the document with a notary or stamp duty. Without stamp duty, this document does not get legal recognition. Therefore, the new fee of 100 in Tamil Nadu will be of great help to all.
The Importance of the New Rules
The biggest advantage of fixing the stamp duty in Tamil Nadu at just 100 is that it has become accessible to everyone. Earlier people used to waste more time and money in preparing GPA. Now the process has become simple and economical.
- The simple process: Because of the low fee, people can easily get the GPA prepared.
- The legal protection: The document will be legally valid.
- It is accessible to all: Both small and large property owners can take advantage of this.
Moreover, this step will also help in curbing corruption and black money. When stamp duty is low and fixed, people will not try to prepare documents without a notary or without a legal process.
How GPA Can be Used?
GPA can be used in many types of transactions.
- Sale and Purchase of Property: If the owner himself can not be present, the representative can carry it out.
- Rent or lease: GPA can be used for renting or leasing property.
- Banking transactions: The GPA is also valid for deposits, loans or other financial work in the bank.
- Insurance and Investments: It can also be used in insurance policies or investment documents.
- The GPA is a multi-faceted document. It will save time and
Helps the property owner to do his work easily.
Advantages of Reducing Stamp Duty
- The fixed stamp duty of 100 benefits people in many ways.
- Reduced costs: Preparing documents is no longer expensive.
- The easy process: The general public can easily make a GPA.
- Legal recognition: The document will be recognized in court and other government work.
- Transparency: There will be no hassles in transactions.
- The saving of time: Because the process is simple, it saves time.
This step is very useful for small businessmen, housewives, jobseekers and others. Now anyone can get their work done without spending much.
Notary and Legal Process
- In order for the GPA to be valid, it must be filed with a notary or stamp duty.
- The notary ensures that the document is correct.
- By paying the stamp duty it becomes legally valid.
- It can be submitted in any court or government process.
The stamp duty of 100 in Tamil Nadu makes it easy and accessible to all. This will help people get involved in the legal process.
Conclusion
The Government of Tamil Nadu fixing a stamp duty of 100 for GPA property agreement is a very important and useful step. This rule is beneficial for all property owners, small and large.
This step makes property transactions simple, affordable, and legally secure. Now any person can prepare documents related to his property without much expense and loss of time.
Moreover, this process increases transparency and reduces corruption. Legalizing GPA with notary and stamp duty has now become easier for everyone. Overall, this rule assures convenience, safety and legal recognition to the citizens of Tamil Nadu. Now people will not face any problem in the transaction of property.The process will be simple and clear.
