Skip to main content

Mutation of property

 

   Mutation is the recording of a transfer of title of a property from one person to another in the revenue records. The documentation procedure to be followed and the fee payable vary from State to State. The mutation in the municipal records is for the purpose of payment of property tax, and it does not mean a legal title for the person in whose name the property has been mutated in the municipal records.


   An application to the tahsildar on a plain paper, along with a non-judicial stamp of relevant value, has to be made.

Details to be furnished with application:

Area in which the right has been acquired Description of the right acquired Name, parent's name, and address of the person from whom the right has been acquired Manner in which the right has been acquired Name, parent's name, and address of the person who has acquired the right Date on which the right was acquired Copy of document on the basis of which the mutation is sought - sale deed, Will etc


A proclamation is issued inviting objections to the proposed mutation and specifying the date, not less than 15 days from the date of the proclamation, up to which any objection to the mutation will be entertained. The Patwari submits his report in the prescribed format. The statements of the parties are recorded. The contents of the documents are matched with the recorded statements. In case no objections against the proposed mutation are received, it is sanctioned.


   Any party aggrieved by an order of mutation can file an appeal before the Additional Collector (or the Deputy Commissioner) concerned within 30 days of the order.

Documents required for mutation:



In case of sale:

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

In case of Will:

Death certificate Copy of Will or Succession Certificate Indemnity bond on stamp paper of requisite value Affidavit on stamp paper of requisite value attested my 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 Indemnity bond on stamp paper of requisite value Affidavit on stamp paper of requisite value Receipt of up-to-date property tax payment


   Sometimes, an indemnity bond giving an undertaking that the executant indemnifies the municipal corporation in the event of a dispute arising from the mutation made upon his application is sought. A rough site plan showing the different portions of the building, with details of those occupying these portions, may also need to be furnished.


   The prevalent rate of transfer duty on the consideration amount and the mutation fee should be paid. If an entire building or plot has been sold, the mutation may be allowed on payment of up-to-date dues. In case of sale through an agreement to sell, it is done on payment of transfer duty on the prevalent rates.

 


Popular posts from this blog

Tata Mutual Fund

Being a part of the Tata group, the fund has the backing of a very trusted brand name with strong retail connect. While the current CEO has done an excellent job in leveraging the Tata brand name to AMC's advantage, it is ironic that this was just not capitalised on at the start. Incorporated in 1995, Tata Mutual Fund remained an 'also-ran' fund house for around eight years. Till March 2003, it had a little over Rs 1,000 crore in assets and 19 AMCs were ahead of it. But soon after that the equation changed. It was the fastest growing fund house in 2004 and 2005. During these two years, it aggressively launched six equity funds, two debt funds and one MIP. The fund house as of now stands at No. 8 in terms of asset size. This fund house has a lot to offer by way of choice. And, it also has a number of well performing schemes. Tata Pure Equity, Tata Equity PE and Tata Infrastructure are all good funds. It also has quite a few good debt funds. The funds of Tata AMC are known to...

UTI Mutual Fund

Even though only a few of UTI’s funds are great performers, this public sector fund house has many advantages that its rivals do not. It has a huge base of retail equity investors and a vast distribution network. As a business, it looks stronger than ever, especially in the aftermath of credit crunch. UTI is, by a large margin, the most profitable fund company in the country. This is not surprising, since managing equity funds is more profitable than debt. Its conservative approach and stable parentage is likely to make it look more attractive to investors in times to come. UTI’s big problem is the dragging performance that many of its equity funds suffer from. In recent times, the management has made a concerted effort to improve performance. However, these moves have coincided with a disastrous phase in the stock markets and that has made it impossible to judge whether the overhaul will eventually be a success. UTI’s top performers are a few index funds, some hybrid funds and its inf...

Salary planning Article

1. The salary (basic + DA) should be low. The rest should come by way of such allowances on which the employer pays FBT and you don't pay any tax thereon. 2. Interest paid on housing loan is deductible u/s 24 up to Rs 1.5 lakh (Rs 150,000) on self-occupied property and without any limit on a commercial or rented house. 3. The repayment of housing loan from specified sources is also deductible irrespective of whether the house is self-occupied or given on rent within the overall ceiling of Rs 1 lakh of Sec. 80C. 4. Where the accommodation provided to the employee is taken on lease by the employer, the perk value is the actual amount of lease rental or 20 per cent of the salary, whichever is lower. Understandably, if the house belongs to a family member who is at a low or nil tax zone the family benefits. Yes, the maximum benefit accrues when the rent is over 20 per cent of the salary. 5. A chauffeur driven motor car provided by the employer has no perk value. True, the company would...

8 Investing Strategy

The stock market ‘meltdown’ witnessed since the start of 2005 (notwithstanding the recent marginal recovery) has once again brought to the forefront an inherent weakness existent in our markets. This is the fact that FIIs, indisputably and almost entirely, dominate the Indian stock market sentiments and consequently the market movements. In this article, we make an attempt to list down a few points that would aid an investor in mitigating the risks and curtailing the losses during times of volatility as large investors (read FIIs) enter and exit stocks. Read on Manage greed/fear: This is an important point, which every investor must keep in mind owing to its great influencing ability in equity investment decisions. This point simply means that in a bull run - control the greed factor, which could entice you, the investor, to compromise with your investment principles. By this we mean that while an investor could get lured into investing in penny and small-cap stocks owing to their eye-...

Debt Funds - Check The Expiry Date

This time we give you an insight into something that most debt fund investors would be unaware of, the Average Portfolio Maturity. As we all know, debt funds invest in bonds and securities. These instruments mature over a certain period of time, which is called maturity. The maturity is the length of time till the principal amount is returned to the security-holder or bond-holder. A debt fund invests in a number of such instruments and each of these instruments would be having different maturity times. Hence, the fund calculates a weighted average maturity, which would give a fair idea of the fund's maturity period. For example, if a fund owns three bonds of 2-year (Rs 30,000), 3-year (Rs 10,000) and 5-year (Rs 20,000) maturities, its weighted average maturity would be 3.17 years. What is the big deal about average maturity then, you may ask. Well, knowing a fund's average maturity is important because it tells you how sensitive a fund is to the change in interest rates. It is ...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now