What is the difference between General & Special Power of Attorney?

Last Updated at: Oct 06, 2020
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In a major relief, the Government has exempted properties in Delhi’s unauthorised colonies from income tax with effect from 1st April, 2020. The exemption will also be applicable for properties that might have been acquired by respective individuals a long time back by way of General POA (Power of Attorney) or other similar authorisation.  

 

A General power of attorney (GPoA) is a legal document authorising one person (called an agent) to act on behalf of another (the principal). The principal grants the agent this authority because he is unable to make the decisions his/herself. This GPoA is not specific in nature and the agent would have the authority to make legal, medical, financial and business decisions (but not real estate). It is irrevocable and the principal must agree to ratify what is done by the GPoA.

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A Special power of attorney (SPoA) is a legal document authorising one person (called an agent) to act on behalf of another (the principal). The principal grants the agent this authority because he is unable to make the decisions his/herself. This SPoA is specific to property. It is irrevocable and the principal must agree to ratify what is done by the SPoA.

You would use a PoA when you are unable to make decisions yourself. This could be for health reasons or because you cannot, but need to, be physically present to make them.