Q.1224 Query - Power of Attorney and opening of bank account in India
Question: Sir, I have gone through the faq section, but could not find the specific answers to my queries. My queries are as under - 1. My brother is an US Citizen. He wants to give me a power of attorney to negotiate and sell our ancestral home in India. How can he give such Power of Attorney while sitting in USA? 2. What formalities are to be done in India by me to make that legally valid in Indian courts? 3. What kind of joint account he can open in India with me so that he can transfer the fund from India to USA after receiving the sale proceeds and inheritances in India? Hope to hear from you soon. Thanking you in anticipation. Answer: Regarding your questions: 1. Yes! Once Power of Attorney document is prepared he should get it attested at the Indian Consulate before sending it to you. 2. Register the Power of Attorney in India when you receive it 3. NRO account is required to remit funds. Indian resident can be added as joint holder to operate account. Answers in detail to all your questions are already posted on this website covering topics such as Power of Attorney [POA] from abroad and Registration of POA in India. There are also detailed articles posted on repatriation of sale proceeds of property.
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Q.1224 Query - Power of
Attorney and opening of bank
account in India
Question: Sir, I have gone through the faq section, but could not find the specific answers to my queries. My queries are as under - 1. My brother is an US Citizen. He wants to give me a power of attorney to negotiate and sell our ancestral home in India. How can he give such Power of Attorney while sitting in USA? 2. What formalities are to be done in India by me to make that legally valid in Indian courts? 3. What kind of joint account he can open in India with me so that he can transfer the fund from India to USA after receiving the sale proceeds and inheritances in India? Hope to hear from you soon. Thanking you in anticipation. Answer: Regarding your questions: 1. Yes! Once Power of Attorney document is prepared he should get it attested at the Indian Consulate before sending it to you. 2. Register the Power of Attorney in India when you receive it 3. NRO account is required to remit funds. Indian resident can be added as joint holder to operate account. Answers in detail to all your questions are already posted on this website covering topics such as Power of Attorney [POA] from abroad and Registration of POA in India. There are also detailed articles posted on repatriation of sale proceeds of property.
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