What is a Mutation of Property and Why is it Important?
Mar 29, 2019 Real Estate News
As a property buyer, your work does not end with registering the property, paying the stamp duty, getting the title transferred. You also need to get the mutation of property done.
In Hindi, mutation of a property is called ‘Daakhil- Kharij’ and it is the document that is kept with the municipal body of the city. The document shows the record of the property owner to fix the property tax payment liability. Although it is not a legal document, it is an important document that shows that the property has been transferred from one person to another. It helps the authority to find the taxpayer for the concerned property. It is an important document as it comes handy when you want to sell your property in future. It is the buyer’s responsibility to apply for mutation of the property.
In Hindi, mutation of a property is called ‘Daakhil- Kharij’ and it is the document that is kept with the municipal body of the city. The document shows the record of the property owner to fix the property tax payment liability. Although it is not a legal document, it is an important document that shows that the property has been transferred from one person to another. It helps the authority to find the taxpayer for the concerned property. It is an important document as it comes handy when you want to sell your property in future. It is the buyer’s responsibility to apply for mutation of the property.
Documents required
Across the country, the documents needed for the mutation of property differ from state to state. It is advised that one should contact their local municipal office and inquire about the same.Who should apply for mutation of property?
- If you have recently bought the property, then you are required to submit the mutation of property. A copy of sales deed along with the application of mutation of the property and Rs 3 court fee stamp affixed on it, an indemnity bond on a Rs 100 stamp paper, an affidavit on a Rs 10 stamp paper, and latest property tax clearance papers.
- If you are the heir of the deceased owner, then you need to apply for mutation of property. You will have to submit the application along with the death certificate, a copy of the will, an indemnity bond on a Rs 100 stamp paper, an affidavit on a Rs 10 stamp paper, and latest property tax clearance papers.
- If you have acquired the property through a power of attorney then you will have to apply for the mutation of property with a copy of power of attorney, Rs 3 court fee stamp affixed on it, an indemnity bond on an Rs 100 stamp paper, an affidavit on a Rs 10 stamp paper, and latest property tax clearance papers.
Things to remember
- If you fail to apply for mutation of property, you can be asked to pay the fine of Rs 25.
- Not having the mutation of property papers, it can jeopardise the selling of the property in future.
- The papers need to be updated from time to time so that a proper record can be maintained.
- The charges for mutation of property differ from state to state, and hence one should check with the local municipal office for the cost of mutation.
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