Do-you-know-what-is-mutation-and-why-it-is-important


By Craft Team on 12/6/2013

Do you know what is mutation and why it is important?

What is Mutation?

A property mutation is simply the change of title ownership under certain conditions such as sale/purchase or death of an owner and even if the property is bought through a power of attorney (PoA).

Through mutation, while the new owner gets the property in his name, the government is able to charge property tax from the right owner. The document procedure and the fee payable vary from state to state. It is also known as “Dakhil Kharij”.

What’s the process? 

In case of inheritance: You need to write an application and sign a Rs. 100 indemnity bond and submit these to the development authority office.

In addition, you will be required to provide a copy of death certificate, copy of the will, affidavit duly attested by notary and documents proving that property tax have been paid till date.

In case of sale/purchase: You are required to follow the same procedure. Here, the applicant will have to pay a transfer amount also. This differs from one state to another.

In case of sale/purchase through PoA: Here, you are required to provide a copy of the PoA and duly registered receipt of the payment by the sub-registrar, in addition to the above documents. 

Final clearance 

An assessing officer clears the name of the new owner after checking all the documents.

In case the property is to be divided into more than one person, the assessing officer will require the original layout of the entire building.

In case of ownership related to land, mutation is considered a vital document. For eg If an agricultural land is acquired by the government and the registry of the land is in the name of person A while mutation is in favor of Person B, the government will release the acquisition funds in favor of Person B, as in the revenue records he is recorded as the owner of the land.

To apply for mutation, an application to the tehsildar of the area has to be given on a plain paper along with the required value of a non judicial stamp paper.

Following documents are required for mutation:

·         Copy of Sale Deed

·         Application for mutation with court fee stamp affixed on it

·         Indemnity bond on stamp paper of requisite value

·         Affidavit on stamp paper of requisite value

·         Receipt of up-to-date property tax payment

Documents required for mutation in case of inheritance or Will are:

·         Death Certificate

·         Copy of Will or Succession Certificate

·         Indemnity bond on stamp paper of requisite value

·         Affidavit on stamp paper of requisite value attested by a Notary

·         Receipt of up-to-date property tax payment in case of Power of Attorney

·         Copy of Power of Attorney.

·         Copy of Will

·         Receipt for payment registered with a sub-registrar

·         Application for mutation with court fee stamp affixed on it

 

Your Real Estate Update

Join Craft newsletter to stay up-to-date with Housing Market!


 
Press Esc to close
Propscout

Read More...

Join Craft Property on FaceBook