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Private debt market to
grow, says report GREEN
house
Investors squirm FAR and wide in Baddi
Housing plans at Sampla jacks up prices in Rohtak Serviced apartments in India’s Silicon Valley RBI directive for NRI buyers Norms for houses in SEZs soon Buzz on Bourses
TAX tips
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Home loan frauds on rise
Financial sector reforms and globalisation, notwithstanding, frauds in the banking industry have shown an unabated spurt. The situation is alarming in case of housing loans. e-banking has added a new dimension of frauds as the operating staff lacks necessary knowledge and expertise on security awareness. Fierce competition amongst the banks has made them throw laid-down scrutinising procedures up in the air. Know your customers norms are not being observed by bank branches. Benami accounts are being opened; forged income proof and inflated valuation of land and building are being submitted. Submission of forged title deeds has also been documented. Criminals move a step ahead of the lawmakers and devise many ways to defraud the banks. Most common type of home loan frauds involve the submission of inflated salary certificates, fake income tax returns and filing of IT return for the last three years in one go. Sometimes valuation of the property is manipulated to manage margin money out of the loan amount only.The RBI has been reiterating the guidelines and instructions on Know Your Customer (KYC) from time to time to prevent frauds. These guidelines pertain to identification of new customers, both individual and corporate. In view of the growing trend of frauds in the housing loan segment, an in-depth study of the types of frauds, modus operandi of each case and their preventive measures need to be laid down. Bank drafts should be issued in the name of bankers to the builders and promoters. Tracking and sharing of information among banks on blacklisted builders should be enabled. In case of doubt, valuation reports must be closely scrutinised by making discreet enquiries about various costs indicated in the valuation report. Banks should insist on registration of property before releasing the first instalment of loan. Internal due diligence plays an important role in preventing such types of frauds. Banks officers must verify the end use of loan, in addition to the verification by architect engineer as per the system. The financial institutions should put in place the required risk management system so that credit is given to the right person and default is kept to the minimum. Retail housing loans have contributed significantly in credit growth of the banks over the past few years. On the flip side, several crores have been blocked in housing loan frauds. It is common that certain people take loan on the same property from a number of banks. In the tricity, these types of frauds have been noticed in Zirakpur, Baltana, Mohali, Kharar and Derabassi. These types of incidents can be tapped by creating central database of borrowers, so that if the same borrower approaches a different bank for loan, he could be caught. Another way to stop such frauds can be noting of bank’s lien on the mutation register of the municipality of the city. The writer is a
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Private debt market to grow, says report The relatively small Indian real estate capital market has grown remarkably, especially in terms of private equity and debt segments, despite significant inherent risks involved, says a Deutsche Bank research report. While private debt in the form of bank lending to commercial real estate has been fuelling growth levels, both the private equity and private debt markets are also set to grow significantly in the coming years, it added. Enumerating the risks presently inherent in the sector, the report highlights liquidity, regulatory, overall market transparency, property market transparency and macro-economic risks as the five major risks, which are likely to continue for some more time to come. The report also cites difficulty in foreign investment flowing into the sector following regulatory constraints. For example, foreign investors require permission from the Reserve Bank of India (RBI) for property ownership. Similarly, for capital repatriation, investors need to apply for approval from the RBI while FDI is limited to a small set of opportunities such as townships. Transparency is another aspect on which the Indian real estate sector ranks very low with Transparency International rating India at 88 out of 150 countries with regard to perceived corruption level. Pointing to the need for more professional due diligence and valuation institutions, the report said: “Although market transparency has obviously improved, it is still hard to get reliable and consistent information on the Indian property market.” At the macro-economic level too, problems such as inadequate provision of public goods such as education and transport infrastructure in many regions are cited by the report, though it stated that volatility in interest rates, inflation and exchange rate risks have lessened though they still have to be borne in mind. The report also highlights the fact that the investment market is still in its infant stage with investors facing serious challenges in finding appropriate investment products. However, it is upbeat about the future prospects of the sector, pointing out that in 2005, nearly $850 million additional capital flowed into the country’s real estate sector. “Strong growth in private equity was driven by unlisted property funds and companies, which added around $82 million to the market,” the report stated, adding that private individuals also did their bit. Private debt or bank lending also showed “significant” growth with commercial banks lending $545 million last year. “Owing to a lack of alternatives, commercial bank lending seems to be the most efficient way of raising capital in India,” the report states. Commenting on the future outlook, the report stated that both private equity and debt markets are set to grow significantly in the coming years. This will be fuelled by further project developments and more foreign direct investment. The public markets are, however, expected to remain constricted.
— PTI
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Greenery to keep peeping Toms away Satish Narula writes about the flora that gives shade as well as privacy After day’s hectic course when one comes back, even a brief rest in the home garden provides tremendous relaxation. The privacy is extremely diluted when one finds peeping Toms. In a garden, privacy is of utmost importance. There are ways to provide privacy on short-term and long-term basis. Most of the times queries abound on fastest growing plant, tree or creeper, which can cover certain areas for privacy. Well, any vegetation will take time. May be there could be a little difference between the filling periods for immediate effect. However, one can go in for bamboo, chik or Jafari and, meanwhile, the plants are grown to replace these ultimately as the structures are bound to rot or weather. There are various kinds of vegetation that can be used for providing a screen. Even trees could be used for this purpose. Ashok (pendula) is best for this purpose. As it grows straight up, it allows very close planting, even at three feet or so. When these plants grow, they form excellent screen. However, as they grow, they start bending and sway loosely. For this reason these should be kept low-headed by heading back at 10 to 12 feet height. Within no time they cover the cut end and come to original shape. In this region, there are certain houses that overlook and have direct visual access to adjoining gardens. Nothing could be more embarrassing for both. Under such conditions Casurina could be planted very closely to each other and clipped at 10 to 12 feet height. It forms almost a hedge at that level. Repeated cuttings thicken the hedge at that height. Climbers are also used for the purpose of screening. Any climber will do but one has to take into consideration the aspect, whether the location is sunny, shady or semi- shady. Golden Shower grows fast and flowers profusely. The orange colour flowers bloom from January to March. For shady aspect, it could be Clarodendron that bears blood red flowers in clusters. Even the foliage is deep green and attractive. There is another climber called Curtain climber,Vernonia. It forms excellent screen and can be clipped at any height and with any shape to give a true curtain effect. This however, does not bear significant flower. Those who have balconies, at times have this problem of privacy. What they can normally do is grow climbers in big pots and let them flow down from height to give some privacy. Certain plants like junipers (temple) could be grown in pots and kept side by side. Hedges are good alternatives. For screening, various hedges that can be used include Clarodendron (bitter leaf), Duranta, and Murraya etc. Clarodendron is one of the best as it takes pruning well and forms excellent thick cover. You can clip it at a 3 to 4 feet height from the base straight up and then give it a slant clipping. It will give a different look from others. Those who plant Murraya have to make sure that they take plant protection measure against powdery mildew to which it is prone. On the front face of the garden, one could also train double flowering, Bougainvilleas, on stretched wires.
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Investors squirm FAR and wide in Baddi Aimed at striking a balance between the environment and development in the industrial area, the Floor Area Ratio (FAR) stipulations of the Town and Country Planning (TCP) Department have become an issue of discontent among the investors. While the medium scale investors rue that they are bound by its norms, others who have hired rented accommodation to set up their units have been exempted from its nitty-gritty. Investors feel it is grossly unfair to prohibit them from putting the land to optimum use. These stipulations bind them to leave adequate set backs all around the plot which hampers total use of the land. The problem is more pronounced for the small and medium scale industries where small investment is involved. Small-scale industries are the ones where investment ranging from Rs 25 lakh to Rs 1 crore is made. As per the norms of the TCP Department, a small scale industry, which has a plot size ranging between 250 and 500 sq.mt, a maximum of 60 per cent coverage with 1.50 FAR is permissible. A service or light industry where plot size is between 501 to 1,000 sq.mt, FAR of 1.25 is allowed. This is reduced to 1 in case of medium industries where the plot size is between 1,001 and 5,000 sq.mt. For large and heavy industries, having plot size above 5,000 sq mt, the permissible FAR is 0.60. The department had instituted certain changes in the FAR after the investors resented the existing policy. The small-scale and tiny scale industries, however, demanded further relaxation. Arun Rawat, General Secretary, Baddi-Barotiwala-Nalagarh Industries Association (BBNIA), while flaying the low FAR said it was grossly unfair for the tiny and small-scale industries. The fact that the government land was priced at Rs 2,000 per sq.mt, the prescribed FAR meant leaving adequate land as set backs. Thus lesser land is available for actual use. As many as 35 pharmaceutical firms have come up in Solan town alone. A majority of them have hired accommodation, which interestingly lie between residential areas. Paying little heed to FAR and other norms, like number of storeys, such units operate from buildings, which flagrantly flout rules. Not only are a majority of them five storeyed, (though the norms permit only three-storeys and an additional one for parking), not even one-inch space has been earmarked for any set backs. They are often sandwiched between houses or automobile repair shops. Interestingly, in one unit, the first three storeys of a building have been rented out to a pharmaceutical unit while the top one has been rented out for residential purposes. Though its NOC was obtained for commercial purpose yet its double utility has found no legal action from the committee. The EO was not only unaware about this building located at Saproon in Solan but was nonchalant when questioned in this regard. Still worse, these units have become a cause of noise pollution for the surrounding houses.
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Housing plans at Sampla jacks up prices in Rohtak Land prices in Rohtak and its surrounding villages, falling on the National Highway 10, have doubled over the past one year. The average price of residential land in Rohtak now stands at Rs 10,000 a square yard compared to Rs 5,500 a year ago. While a part of the increase is attributed to the demand for about 10 million square feet of land for residential and commercial purposes likely to be generated over the next couple of years, most of it has been caused by the shift in political power base to Rohtak last year. Both, the public and developers, expect that with Bhupinder Singh Hooda, who hails from Rohtak, becoming the Chief Minister, rapid growth in infrastructure in the area will push up the land prices further. The arrival of big-time real estate developers who have bought large chunks of land for colonisation has also led to increase in prices. At least two Delhi-based developers are awaiting change of land use clearance from the government before entering the market publicly. For residential purposes, Haryana Urban Development Authority’s (HUDA) plots in various sectors are much in demand, understandably so, because private builders are yet to formally announce their schemes. Recently, the number of applications for allotment of plots in HUDA sectors here outnumbered available plots more than 25 times, officials said. Likewise, the demand for Haryana Housing Board’s built-up houses has also risen tremendously over the past year. These houses now command a steep premium. However, those who buy plots for resale to make a fast buck are eagerly buying plots from private builders at pre-launch prices ranging between Rs 4,000 and Rs 6,000 a square yard depending upon the location of the property. The yet-to-be-developed colonies on National Highway No 10 is much in demand. The prices of built-up properties has also risen but not as much as those of plots. The increase in prices of built-up properties has been around 35 to 50 per cent compared to about 100 per cent in the case of plots. Housing industry experts say this is because people generally want to build a house of their own choice. But another equally important fact is that speculative buyers choose only plots. Agricultural land prices too have been witnessing an upward trend. The land on two sides of the Rohtak-Delhi stretch of National Highway No. 10 costs anything between Rs 1 crore and Rs 1.5 crore per acre mainly because of the entry of big time realtors. The new government’s plans for developing housing and commercial sectors at Sampla lying between Bahadurgarh on Delhi border and Rohtak have also fuelled prices.
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Serviced apartments in India’s Silicon Valley “Staying in a hotel in Bangalore is as costly as staying in the same at Monte Carlo or the French Riveria,” proclaimed a headline surveying the phenomenal room rates charged by hotels in the city a few months ago. The headlines were true but they have not helped the hotel industry. They have only gone on to give an impetus to the fledgling “serviced apartment” industry. Service apartment is a type of furnished apartment for short-term guests that provides amenities for daily use. Earlier, hoteliers and prominent builders were marketing serviced apartments and now individuals have entered the market to take advantage of the huge potential, which is yet to be fully tapped. Surveys by international agencies few months back highlighted the phenomenal rates charged by hotels like the Leela Palace, which charges Rs 20,000 on certain days of a week for a standard room. Even four-star hotels charge between Rs 6,000 and Rs 8,500 during the first few “business days” of a week. Such rates, besides pushing down occupancy rates from the earlier high of as much as 85 per cent, has also given a fillip to the serviced apartment industry. Corporate travellers and tourists now have the option of getting booked in a serviced apartment, which would cost them around Rs 2,500 a day. Besides, being able to choose the area in which they want to stay, they have the advantage of free laundry service and, in most cases, even free Internet service. In the informal atmosphere of a serviced apartment, they can get their own meals from outside or even order meals from nearby eateries at no extra cost. Some serviced apartments also have a fully-equipped kitchen. Atul Modi, a glass and plywood stockist in Shivaji Nagar, says he hit upon the serviced apartment idea by accident. “I had a plot in Koramangala and built a two storey building with the idea of renting it out to a MNC in view of the area becoming an IT hub”. He says even as he was negotiating the deal someone gave him the idea of converting it into a serviced apartment. Atul, who started marketing his property one year back, says he got a good response immediately on start. “Now I have regular clients from the IT field and also get a number of foreigners and NRIs staying due to word-of-mouth publicity”. Atul Modi and other entrepreneurs have reaped rich margins over the last one year and many including him have converted apartments owned by them into serviced apartments. “Though the prices of apartments have been going up consistently, the rents are not increasing in the same ratio”, says Arun Vasuki, property consultant. “It now makes sense to convert apartments into serviced accommodations,” he adds. Big players, too, are getting into this field, many of them already running such businesses. Homestead, promoted by the Brigade Group, offers 23 apartments with a choice of two and three bedroom accommodation off the Lavelle road, along with a health club and two party areas. It also runs a professional laundry, room cleaning and food delivery service to make accommodation more attractive than a hotel stay. Encouraged by the success of its model, the group is coming up with another hundred apartments. Even hotels are catching on to the concept of serviced apartments and offer cost advantages to long staying guests. Royal Orchid has created 16 such apartments on its premises. This, a hotel spokesman, said was done so that guests could take the advantage of the hotel’s superior facilities as compared to ordinary serviced apartments. The Leela Palace has also catered to this concept by building eight serviced apartments in its hotel but is marketing it as an exclusive residential address rather than a cost effective one as it is offered at around $6,000 to $10,000 a month.
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The Reserve Bank of India (RBI) has clarified that Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO), purchasing immovable property in India should pay for the acquisition by funds received in India through normal banking channels by way of inward remittance from outside the country. Also, they can pay through the funds held in any non-resident account maintained in accordance with the provisions of the Foreign Exchange Management Act, 1999, and the regulations made by the Reserve Bank of India (RBI) from time to time, the apex bank said.Notably, the NRIs and PIO can acquire immovable property in India other than agricultural property, plantation or a farmhouse. Accordingly, such payment cannot be made either by traveller’s cheque or by foreign currency notes or by other mode other than those specifically mentioned, RBI stated. The apex bank has asked the Category I banks to bring the contents of the circular to the notice of their constituents and customers concerned.
— PTI
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Having approved 150 Special Economic Zones across the country, the government would now shortly bring out norms for establishing residences, hotels and schools within these zones. The Board of Approval in the Commerce Ministry, which is the single window agency for clearing
SEZs, would soon issue guidelines to set up necessary social infrastructure in the
SEZs, official sources said. The size of residential complexes, hotels, hospitals, schools and other facilities would be decided by the Approval Committees based on the norms issued by the
BoA, they said. Any infrastructure created in excess of this size would not be eligible for tax concessions to either the developer or co-developer as provided in the Special Economic Zones Act, 2005. The SEZ Act and SEZ Rules, which came into operation on February 10 this year, contain provisions for giving fiscal exemptions to developers and units in these economic zones. As per the Act and the Rules, each SEZ would have a Development Commissioner who would demarcate the processing and non-processing area in the zone. The ministry has asked all DCs to issue orders for each such demarcation, specifying the survey numbers and boundaries in the same manner as specified in the SEZ notifications. The Act also has provisions relating to a single enforcement officer in each zone, inspection, search and seizure, they said.
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Godrej Interiors
Kochi: Godrej & Boyce Manufacturing Company’s furniture and Interiors Group has unified its business, rebranding itself as Godrej Interior, a top official of the company has said. Addressing a press conference here, Anil Mathur, Chief Operating Officer of the company said: “By unifying home, office and special projects business lines, Godrej Furniture and Interiors Group has taken the first step towards identity makeover.” The brand would be launched first in Kerala on Onam and later in other parts of the country as well, he said. Mathur said they also have plans to enter the hospital furniture business by the end of this year. Bhagyanagar to invest
New
Delhi: Hyderabad-based Bhagyanagar India Ltd, which is engaged in the diversified business of metal and component manufacturing, is planning to invest about Rs 1,100 crore in the next three years in real estate projects. “We are planning to invest about Rs 1,100 crore, which also includes land cost, in next three years to develop two residential and one IT park project,” Company’s Managing Director Narendra Surana said. Bhagyanagar India, which was previously known as Bhagyanagar Metal, would develop a housing project at Vizag on a 52-acre plot covering three million sq ft of area. Besides, the company has taken up two projects in Hyderabad.
Ritesh Ind pact with Ansals
New
Delhi: Ritesh Industries has said its Board has approved the joint collaboration agreement with Ansal Townships & Projects Ltd (API) to set up an Industrial Park in Ludhiana having 40 per cent residential and 60 per cent IT Park. In a meeting, the directors also approved to include the real estate project object in the main objects of the company through postal ballot process.
Certification for Parsvnath
New
Delhi: Real estate company Parsvnath Developers has received an integrated management certification from an Italian agency for complying with global quality, environment, health and safety standards. Italy-based certification agency RINA Group has awarded the Integrated Management Systems (IMS) for adhering to quality, environment, health and safety standards, a company press note said.
Carlson Country Inns
New
Delhi: Hospitality chain Country Inns and Suites has said it will set up three hotels in the next one/two years involving an estimated investment of up to Rs 200 crore, while targeting 25 hotels under management by 2012. “We are looking at building three projects in Bangalore, Gurgaon and either Hyderabad or Mumbai. These projects would involve an investment of about Rs 60-80 crore each, where our investment in each would be between 26 and 50 per cent,” Carlson Inns and Suites President Sanjeev Pahwa said.
Mega orders for Simplex Infra
Mumbai:
Leading infrastructure and engineering company, Simplex Infrastructures Ltd today said it has secured various orders worth Rs 577.09 crore. The company has bagged a Rs 439 crore order for construction of elevated expressway corridor in Hyderabad on engineering, procurement and construction (EPC) basis, Simplex said. Simplex also bagged a Rs 83.41 crore order for the construction of 1,050 permanent shelters in Katchal, Kamorta and Nancowry islands and Rs 54.68 crore for construction of 821 permanent shelters in the island of Terressa under the tsunami reconstruction project, it added.
— Agencies
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Prefer nationalised banks or housing corpns for home loans By S.C. Vasudeva Q. I am a Punjab Government Class A
officer and am drawing salary of Rs 28,000 per month. I want to take house
loan. Please advise me from where to seek house loan, from nationalised bank
or private limited bank. — C.S. Shergill A. Perquisite valuation Q. The
employees of Punjab State Electricity Board, working at Shanan Power House,
Joginder Nagar (Himachal Pradesh), are residing in the Government Colony, which
is built in 1924 with kutcha -pucca walls and ACC sheets roofing. This
accommodation is provided on rent-free basis to its employees considering their
round-the-clock need in the interest of power house. As per the new income tax
provision, 15 per cent of the salary is added as fringe benefit in lieu of the
rent-free accommodation, which is too high as per the standard and life of the
accommodation build in 1924. My question is whether there is any provision
under the Income Tax law to relax the 15 per cent addition of salary as fringe
benefit, considering the service condition provided in the very interest of the
nation, where it is necessary to provide accommodation being remote area or for
the structure which is about 75 years old and has out lived its life. —
Veena Sharma, Joginder Nagar, Himachal Pradesh A. Rule 3 of the Income Tax
Rules, 1962, provides for the valuation of perquisite in respect of residential
accommodation provided by the employer. In accordance with the said rules for
the purposes of computing the value of perquisite in respect of residential
accommodation provided by the Central Government or any state government to the
employees either holding office or post in connection with the affairs of the
Union or of such state following rules have to be applied: (i) Licence fee
determined by the Central government or any state government or any state
government in respect of accommodation in accordance with the rules framed by
such government as reduced by the rent actually paid by the employee. (ii)
The value of perquisite as determined as above and increased by 10 per cent per
annum of the cost of furniture (including television sets, radio sets,
refrigerators, other household appliances, air-conditioning plant or equipment)
or if such furniture is hired from a third party, the actual hire charges
payable for the same as reduced by any charges paid or payable for the same by
the employee during the previous year. Therefore, in your case it should be
possible for you to add the value on the basis of licence fee so fixed, as the
Punjab State Electricity Board (PSEB) to my knowledge, is part of the state
government. Perks taxable Q. I am an
employee of Punjab State Electricity Board (PSEB). My monthly pay particulars
are: Basic Pay – Rs 14,100, D.P. Rs.7,050, D.A. Rs.4,442, Load out daily
allowance - Rs.480, Fixed Medical allowance - Rs.250, Total Rs.26,322 Less
deduction of 5 per cent of B.P. + D.P. i.e. Rs 1,058 towards boards
accommodation which I am accompanying net pay is Rs 25,264, per month and 15
per cent of House Rent is not payable to me because of board’s accommodation.
In addition to above 155 units of electricity costing approx. Rs 515 are free
to me per month. (i) Kindly calculate my IT for 2005-06 assuming Rs 1 lakh
savings in P.P.F., G.P.F. and Insurance (Rs 5,000 + Rs 80,000 + Rs 15,000).
(ii) Is there any tax liability towards board accommodation as fringe benefit
(iii) Is tax on free electricity i.e. Rs.515 per month to be paid by me. —
Kulwant Singh A. The answers to your queries are as under: (i) On the
basis of figures given by you, your taxable income for financial year 2005-06
(Assessment Year 2006-07) would be Rs.2,22,044. This is taking into account the
load out daily allowance, fixed medical allowance and charges for free
electricity, which are taxable in my opinion. The tax payable including
education cess thereon works out at Rs.19,796 and interest under Section 234A,
234B and 234C of the Act at Rs.1,910. (ii) The cost of providing free
electricity will be included in your salary as the same is taxable. (iii) The
perquisite value of the accommodation provided to you by Punjab State
Electricity Board should be computed in the manner laid down in Rule 3 of the
Income-tax Rules 1962. In this connection the reply to the query of Ms Veena
Sharma, as given above may kindly be referred to. Form
10BA Q. I am working in a public school as PGT. My annual salary is
Rs 1,35,480 after P.F. deduction. I am paying Rs 7,500 per year for LIC
premium. I am paying Rs 19,200 house rent as I am staying in rented house. So
please let me know. 1. Am I taxable for 2005-06? 2. If yes, for how many
rupees and how much is the amount? 3. If I am taxable please suggest some ways
to save me from the tax. — Sunny Jose, Paonta Sahib A. The answers to
your queries are as under: 1. It is not possible to ascertain the tax
liability as you have not indicated the gross salary earned by you and the
amount of provident fund deducted from your salary, which is an essential
requirement to ascertain the tax liability. 2. You are entitled to a
deduction for rent paid under Section 80GG of the Income Tax Act, 1961, (the
Act). The deduction is limited to either of following amounts and is subject to
the following conditions: (i) The rent paid is in excess of 10 per cent of
the total income before allowing any deduction under this section. (ii) The
rent paid is in respect of accommodation for the purposes of assessee’s own
residence subject to the condition that the assessee files declaration in Form
10BA. (iii) The deduction claimed is in respect of the house not owned by the
assessee, his spouse or his minor child. (iv) The assessee is not entitled to
a house rent allowance from the employer. (v) The deduction is limited to 25
per cent of the total income or Rs 2,000 per month whichever is less. House
property Q. Kindly clarify the following points: a) It has been
clarified by you in The Tribune dated February 6, 2006 that standard deduction
is admissible during the Assessment Year 2006-07 under Section 57 of the Act in
respect of income in the nature of family pension. Is standard deduction also
admissible to other pensioners or senior citizen during the assessment year
2006-07? If so, percentage or maximum amount of standard deduction in their
case be indicated. b) In case of income from house property deduction at the
rate of 30 per cent was previously admissible for repairs etc. Is this
deduction still admissible during the assessment year 2006-07? c) Does
investment in NSC, of Post Office qualify for deduction under Section 80C of IT
Act during the assessment year 2006-07? — M.L. Sharma, Shimla A. The
answers to your queries are: a) No standard deduction is allowable in respect
of pension other than the family pension. b) The statutory deduction at the
rate of 30 per cent of the annual value (after deduction of house tax) is
allowable while computing the income from house property for assessment year
2006-07. c) The investment in National Saving Certificate (NSC) would qualify
for deduction under Section 80C of the Act.
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