A Power of Attorney (PoA) is a term used when you are appointing someone to act on your behalf. Power of Attorney in India is used for myriad reasons.
For example, Ram appoints Ravi to act on his behalf to file his (Ram’s) tax returns. Ram has “appointed” Ravi as his Power of Attorney.
A PoA does not have to be a lawyer. Even your friend or family member can be the Power of Attorney.
Businesses can get hectic and you can’t be present at all places for transactions and signing of contracts etc.
Or sometimes, you might be ill and unable to do, say, collect rents for your property.
The Power of Attorney in India allows you to delegate such functions to someone else.
Through a Power of Attorney in India you may authorise your agent to do things like:
i. Execution of all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders.
ii. Manage deal relating to to real estate.
iii. To lease, collect rents, sell, or borrow and mortgage.
iv. To sell shares of stocks, bonds, or other securities.
v. To file, sign all tax returns, insurance forms etc.
vi. To enter into contracts etc.
vii. To file a case on behalf of the principal.[caption id="attachment_18630" align="aligncenter" width="208"] Image from here.[/caption]
Power of attorney is a legal document which can make your life easier by allowing you to delegate your tasks to someone else.
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