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Real-Estate

Definition of 'Mutation'


Definition: Mutation means transfer or change of title in the records of the local municipal body for the concerned property.

Description: Mutation of a property is the transfer or change of title entry in revenue records of the local municipal corporation. The change in title ownership may occur due to a number of reasons like death of the original owner and subsequent transfer of the ownership due to inheritance or succession. In the event of a leased property, the ownership can be transferred through an irrevocable power of attorney.

The existence of a sale deed, conversion premium and irrevocable power of attorney is required for the conversion of a leasehold property to a freehold property. Once it becomes a freehold property, the ownership title can be transferred or mutated. Mutation becomes essential for deciding the tax liability when the property ownership gets changed.

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