What is Mutation and is Mutation essential for a NRI / PIO / OCI?
Posted on October 01 2020
Share:
800
If you would have sold a property in the past, your prospective buyer would have asked you for your Mutation Certificate. This document is one of the most essential documents for any property.
The ownership of the Property in general rests with you on the registration of the conveyance deed of your property purchase. However, the property still does not get recorded in your name till you have got the Mutation done and the Mutation Certificate issued in your name.
The Mutation Certificate is a very important document during the property purchase cycle and should be perused in earnest.
For doing the Mutation for NRI / PIO / OCI’s, your physical presence in India is not require for the Mutation to be done. You can hand over the Documents to a competent person and the he or she will act as a representative and will get the mutation done.
The Mutation Certificate provides the registration of your Name in the Land Revenue records of the State Government followed by issuance of Tax demands to you henceforth from the Government for the property.
Mutation is the change of title ownership from one person to another in government records with the land department, when the property is sold or transferred. By mutating a property, the new owner gets the property recorded on his name in the land revenue department and the government is able to charge property tax from the rightful owner. The documentation procedure and the fee payable vary from state to state. The mutation of a property should ideally be taken periodically, say every six months, from the revenue office in order to check for any fraudulent transaction on the property. In case of inheritance after the death of the owner, the property should be mutated immediately in the name of the beneficiary.
In case of property ownership related to land, building, apartment, the mutation is considered a vital document in Kolkata, West Bengal, India.
For example, 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 favour of Person B, the government will release the acquisition funds in favour of Person B, as in the revenue records he is recorded as the owner of the land.
So you can very well understand the essence and necessity of doing a mutation of your property.
If you want the Mutation of your property done in Kolkata, West Bengal, India, then you can contact our Advisors who will look after your requirements and initiate your Mutation in the most professional manner.
We have qualified and experienced Lawyers and Advisors with in-depth experience, especially in NRI / OCI / PIO property Mutation, property purchase and property sale transactions. We specialise in Cross Border Tax, Double Taxation Avoidance, Legal and RBI/Banking assistance for your Transactions with reference to property laws in India, US, UK, Singapore and DTAA.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
initiative
Customer 1st
1 stop solution
Security
Trust
Values & Ethics
Peace-of-mind Guaranteed
Categories
Comments (0)
Write a comment
Your email adddress will not be published. Required fields are marked