“Power of Attorney” means the person authorizing another person to perform various acts on his/her behalf. For ex: Sale of Property, Renting/Maintenance of Property etc. The Person who is authorizing the other person is called as Principal or Donor of the Power.
HOW TO TERMINATE THE POWER OF ATTORNEY?
- Transferring the Power: If Authorized Person transfer his power to another person then the power of First person will get automatically withdrawn.
- Cancellation of POA: The “Donor” of the Power can cancel the Power given by furnishing the Cancellation of Power of Attorney on Rs. 100/- e-Stamp Paper (Stamp Duty for Delhi).
FEW REASONS FOR TERMINATING THE POWER OF ATTORNEY
- The purpose of Power of Attorney has been fulfilled and no more necessary for the Principal/Donor.
- Found another Alternative except continuing Power of Attorney
- No Longer Trust on the Authorized Person.
WHY IT IS IMPORTANT TO TERMINATE POWER OF ATTORNEY?
“Power of Attorney” is a powerful Written Document which gives power to Authorized Person for performing various acts on behalf of the Donor, So to revoke the Power it is compulsory to terminate the Power of Attorney by following the prescribed rules for terminating in order to keep proof of termination for future use and also to avoid any Unfortunate.
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