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TREND MILL
First health, now wealth
Real chat
GREEN HOUSE
It’s now or never!
Tax tips
Parsvnath to set up IT park in Gurgaon
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TREND MILL Well, you can’t wish the scorching summer sun away but you sure can beat it with a few right moves, writes SAURABH MALIK. Some simple and doable tips to keep the heat away from your home sweet home this Summer of 2009
Okay, you can keep the house and mind cool with an air conditioner swirling out near-chilly mountain-like breeze. Air-conditioners are a huge environmental no-no, you know it. Still, you have it in the master bedroom but to have ACs working overtime to blow the heat out of all the rooms, or better still a centrally air-conditioned bungalow… Phew, the very thought of the power bill accompanying your aspiration can leave you powerless and in cold sweat!
Well folks, wipe away the beads of anxious perspiration from your beaded brow. There are cool alternatives that raise your energy levels without enhancing the energy bills. Come on, think of grandpa and his environmentally-friendly alternatives. The only time he enjoyed the air-conditioned waft was in cinema halls and restaurants. So get down to the pleasant, and green, business of beating the heat with ACs hardly on. Essentially, the idea is to minimise the use of heat generating gadgets in your house and remove built-up heat from inside. Greener house effect
NO matter what your friendly, interfering neighbour says about trees hiding the face of the house, vote for foliage. Plant trees! Let the shade cover the porch and block the sun’s unwelcome rays from entering the house through windows and door, without knocking of course. “Remember just three trees, properly placed around the house, can bring down the daytime air temperatures by three to six degrees,” says N.K. Sharma, builder and real estate developer with operations in this part of the region. “Nothing to worry! You can prune them in the winters to let sunshine in. Trees take time, so direct your efforts towards the field of growing shrubs,” Sharma adds. “Another thing: Shade the air conditioning units with the shadow of the shrubs without blocking the airflow. Want to know why? Well, a unit operating in the shade uses less electricity.”
GIVE fans a fair share. They are not outdated, please! You can still have your airs. A ceiling fan is still a great investment for your home and makes a room feel cooler by six or seven degrees. “You can use it with ACs as well,” suggests Y.P. Gupta, the owner of a Chandigarh-based electric appliances store. “A good fan makes it possible for you to raise your thermostat setting and save on air-conditioning costs.” Also wash the heat away with a bathroom fan. Take a shower with the fan on. Ceiling fans are best suited outside bathrooms. But, a good portable fan can be very effective. If you believe in giving air to statistics, remember even mild air movement of just over one kilometer an hour can make you feel three or four degrees cooler.
Shade away the blues
DUMP dark shades, recommends interior designer Nidhi Sharma. “Install white window drapes or blinds. Remember what the teacher said — black absorbs, white reflects the heat away. Always make it a point to close blinds and shades on the east-facing windows in the mornings and west-facing windows in the afternoons and evenings to keep the sun’s heat out. Combined with fans and ACs, they work wonders”.
The white effect
YOU can always paint your roof white, says real estate developer Harminder Singh. “No, not just to give your bungalow the white house effect, but also to mirror the heat away”. Flat roof? Paint it with specially formulated reflective paint. What, your hardware shop does not have it? Just pick up any bucket of plain white paint. Oh, this landscaping with un-shaded rocks and cement is also adding to temperature levels. It radiates heat to the house after sunset. And don’t open the door more often than you have to. Make sure to get in and out of the house quickly. Why? Well, standing with the door open can heat your house up by a couple degrees in just a few minutes. So guys, forget the heat, stay cool!
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First health, now wealth
BUDDA Nullah, the river of sorrows, is not only affecting the health of people living nearby, but also realty prospects along its banks. Though prices in most areas of Ludhiana have skyrocketed, it’s a different story altogether in areas close to the polluted water body — The foul stench from the nullah is keeping prospective buyers away and they do not want to construct a house in its vicinity at any cost.
Land around the nullah costs half as much as it would in the city. For instance, in new Kitchlu Nagar, far from the nullah, one square yard is available for Rs 15,000. In localities near the nullah, one square yard costs Rs 8,000. Across the nullah, prices plummet to as low as Rs 4,000! In Vivek Nagar and New Tagore Nagar the prices are again Rs 15,000 but near the nullah every square yard is sold for barely Rs 8-9,000. In Chander Nagar and New Upkar Nagar — on the nullah banks — land prices are Rs 8-9,000 a square yard. In city areas including Upkar Nagar, Kundanpri and Gutunanakpura, the land near nullah is sold for Rs 10-13,000 while chunks away from it range between Rs 18 and 25,000 a square yard. Colonisers have now approached environmental scientists asking them to do something about the foul smell. They say that as soon as the buyer is shown land around the nullah, they shelve plans of the dream house. “Seeing the prices, buyers come running but once they realise that they would have to live in the stench, most go back. Some who don’t have a choice return but majority defer their plans or consider options in other areas,” said a property dealer. He said that a group of colonisers had visited a Patiala-based scientist requesting him for a solution. “We cannot do anything about the nullah. It cannot be shifted, but we are hoping something can be done about the smell,” he said. The Patiala scientist, requesting anonymity, said that after the colonisers came to him he went and visited the nullah site. “There seems to be no solution. The only way is to clean the nullah of the pollution and release clean water into it. Otherwise nothing can be done. Still we are working on something,” he said. Residents areas like Haibowal, Upkar Nagar, Kundanpuri and other colonies said they somehow managed to live with the stench. “The problem arises when relatives and friends refused to visit us. It is really embarrassing. Whenever we have a function at our place, relatives do not want to stay over at night,” says a resident, who has put up his house on sale for this very reason but could not find buyers.
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Real chat
THE multiproduct SEZ being set up by the Mahindra group in Jaipur will be the first integrated business city in the country to promote sustainable development. Mahindra World City (MWC) has signed a MoU with Climate Positive Development Programme launched by the Clinton Climate Initiative, in collaboration with the US Green Building Code.
Talking to The Tribune, Ashish Mathur, business development head, MWC, Jaipur, said that the MoU was signed in Seoul
earlier this week. Under this programme, the city would be developed taking into consideration environment and economic standards. This would entail that the entire area would have zero emissions and 66 per cent of total water requirement would be met by using recycled water. “The units that come up here will not just be recycling their own water, but municipal waste water from nearby areas, too, will be recycled and used for horticulture needs,”
he said. Solar power will be used for lighting streets. A team of experts will also be guiding all industries that set base here to adopt green initiatives, said Mathur, adding that generation of clean energy, waste management and reducing the greenhouse gas emissions will also be carried out. Mahindra World City consists of over 2,500 acres of SEZ and 500 acres of domestic tariff area. It has dedicated zones for IT/ ITeS, handicrafts, light engineering and auto components, apparel, gems and jewellery besides a warehousing and logistics facility. Mathur said that 30 units had already signed up for the project, which include Infosys, Wipro, Deutsche Bank, Nucleus Software, ICICI Bank, Marsons Electricals, Tijaria Polyprop, Genus Power and Artasia. Some of these units have already started operations from the SEZ. “By the time the SEZ is fully operational, it will attract an investment of Rs 10,000 crore. It has the potential to generate 1,00,000 direct jobs and 1.5 lakh indirect jobs. We expect exports to the tune of $1 billion on a year-on-year basis. We are also looking at export oriented industries from North India to set shop in our SEZ, as they will get a gateway to the ports in West India,” said Mathur.
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GREEN HOUSE It’s a treat to the tired eye but difficult to maintain in its lush, green form in all seasons, writes SATISH NARULA Here’s how to make your lawn a cut above the rest IF by collecting a few plants, exotic or rare, you thought you had made a garden, it is high time you give it a second thought. What really matters is a good lawn. A lawn may well be described as a canvas on which a ‘painting’ is made with plants. Most garden queries are lawn related and going by the time of the year, it is the best opportunity to address them. The first thing that hits the eye as you enter a garden is the carpet of green. Even while judging gardens in competitions, maximum weightage is given to a lawn. See any builder’s ad selling properties and lush green environs is what he promises! No wonder, green is the word for cool and freshness. A lawn indeed is the place in the house where one can come and shed the day’s stress. Those who have been living in one house for very long have childhood memories associated with the lawn – birthday parties, badminton matches, endless rounds of chai on sunny days in the winter… It is quite difficult to maintain a good lawn in all seasons. There are many reasons for its deterioration. The most common complaints are yellowing, gaps or bareness – especially on sides and corners – and weeds despite repeated removals. Despite good efforts and care if your patch of green is turning yellow, it could be primarily due to pre-laying and post planting reasons. Always keep in mind that a lawn is a very limited place on which the whole family treads all the time. In a few years time, there is compactness and this could be a reason for it turning yellow. Do watch out for “spot yellowing”. In one of the lawns that I happened to look at, there were a few random spots of yellow surrounded by lush green. The owners were baffled and had tried just about everything! While I was inspecting the lawn, the family pet came out to ease itself. When I asked the owners, they said it was the dog’s standard practice. That’s when I realised what had gone wrong – the animal urine was having the same effect on the grass as concentrated application of urea in the lawn not followed by copious irrigation. Poor lawn growth can also be attributed to the presence of an old tree that does not let anything to grow under it, crowding of shrubs near corners and walls and uneven ground surface. (This column appears fortnightly) The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in
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It’s now or never!
If relaying the lawn, dig the soil to at least one foot or more to remove all weeds and keep open to the summer sun. The operation must be repeated at least twice at an interval of a fortnight. Thereafter, soil levelling is done followed by watering. This will not only reveal uneven surfaces but also encourage sprouting of leftover weeds, which should again be manually removed. After this, mix superphosphate at one kilogram to a marla (25 square meters) in soil and go for ‘table top’ leveling using a piece of wood (phatti). Follow with close planting of grass – say four to five inches apart. Weeds should be picked fast and repeatedly till a good turf is formed. Repeated mowing effectively checks weeds due to repeated removal of photosynthetic area of unwanted growth. You can also use 2, 4-D (sodium salt only) to keep broadleaf weeds under check. Make sure the spraying is done on a calm, sunny day keeping the nozzle as near to the ground as possible as the drift of this chemical on any other broadleaf plant may damage it. The pump should also be washed thoroughly after use for obvious reasons.
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Tax tips
Q. My wife and I intend to take a loan for construction of a house. Both of us are employed and have separate incomes. Kindly advise if stamp duty and
registration charges are includible in cost of house. Can the claim towards the interest on loan be made by both of us? Does the amount of loan repayment cover the amount of stamp duty paid for the registration of the house?
— Ravi Kumar A.
Your queries are replied hereunder:
n
The expenditure incurred on the stamp duty and registration charges forms part of the cost of the house. n
Section 80C of the Act provides for the deduction of amount paid or deposited towards repayment of any loan borrowed from the bank/financial institutions/public company/co-operative society engaged in the business of providing finance for the construction of houses. The maximum limit of deduction allowable under the aforesaid section is Rs. 1 lakh including
all other payments/deposits specified in the aforesaid section. n
Stamp duty and the registration fee and other expenses for the purposes of transfer of the house property are also covered within the aforesaid limit of Rs 1
lakh. n The deduction can be claimed by both you and your wife in case the house is owned jointly, the amount is borrowed by both of you, and the repayments towards the loan so raised are also made separately by both of you. I may add that it will be better to get the EMIs fixed separately for both of you so as to avoid any problem in this regard.
Capital gain account
Q. My father sold his old residential house to buy a new house in a recently-developed housing complex. The capital gain had been deposited under capital gain scheme account with a bank within the prescribed time and my father was making payment to builder towards the construction of the house by withdrawing the amount from such account. He passed away about six months back. As a nominee I have received the unused amount lying in the aforesaid deposit account. Is the amount so received taxable in my hands? — Manish
A. According to circular no. 743 dated May 6, 1996 issued by the Central Board of Direct Taxes, the refund of unutilised amount lying in a deposit under capital gain scheme to a legal heir after the death of an assessee is not taxable in the hands of the deceased. The amount is not taxable in the hands of the legal heir also as it does not partake the character of income in the hands of the legal heir. Accordingly, the tax would not be payable in respect of the unutilised amount received by you which was lying in the capital gain scheme deposit account.
HRA exemption: You should be living in house
Q. I am presently working and living in Chandigarh and am entitled to HRA for which due exemption is being claimed as I live in a rented accommodation. I am planning to buy a flat in Gurgaon by raising a bank loan. Deductions for interest and amounts paid towards repayment are allowable as per advice given by my chartered accountant. However, in case I shift to Gurgaon and stay in a rented house, would I be entitled to claim exemption of HRA? — Ram Babu
A. The deduction for the amount received as house rent allowance by an employee from his employer is subject to the limit prescribed in Rule 2A of Income-tax Rules 1962. One of the conditions is that the employee is occupying an accommodation for which he is making a payment. The deductions for interest and repayment of loan are separate and have no connection with the deduction claimed under the aforesaid rule. As long as you are making a payment towards rent for accommodation occupied by you, you would be entitled to claim deduction of HRA subject to prescribed limits. Similarly, payment of loan instalments and interest thereon is allowable as deduction even if you do not occupy the house property.
Gift above Rs 50,000 taxable
Q. I received a gift in the shape of a residential plot from my father-in-law, the value of which should be about Rs 10 lakh. I have been informed that the value of such gift will be added to my income, as any gift above Rs 50,000 is taxable. Is my information correct? — Ashish Kumar
A. Section 56 of the Income-tax Act 1961 (the Act) provides that any sum of money received by an individual in any year, aggregate value of which exceeds Rs 50,000 shall be taxable as income of such individual as income from other sources. The term “any sum of money” would be applicable to cash gifts and all other gifts such as gift of an immovable property or any other movable asset other than cash or bank deposit would be free from tax even if a stranger makes a gift. The gift of residential plot from your father in law is, thus, not taxable under the above provisions.
To save CGT, buy or build house
Q. If I earn long-term capital gain on sale of a residential house, can I save CGT by investing such gain in acquiring a plot of land for building a residential house? Is it essential to invest such capital gain in acquiring or constructing a residential house?
— Pradeep Kumar A. No, tax on long-term capital gain cannot be saved by utilising the amount of such capital gain in the acquisition of a residential plot. The tax on such gain can be saved only by utilising the same in purchasing a residential house within one year before or two years from the date of sale of the residential house. Similarly, if such capital gain were utilised in construction of a residential house within three years of the date of sale, no tax on such capital gain would be chargeable.
This column appears weekly. The writer can be contacted at sc@scvasudeva.com
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Parsvnath to set up IT park in Gurgaon
REALTY firm Parsvnath Developers said it will invest Rs 135 crore to develop an IT Park in Gurgaon and is eyeing a sales realisation of Rs 350-370 crore from the project. The company is already in possession of the land.
Parsvnath Technica, strategically located on the main Gurgaon-Sohna road, will have office space of seven lakh sqft spread over two towers. The project has been designed by Rajinder Kumar & Associates, a renowned architectural firm. The expected realisation from the project is Rs 350–370 crore and it is expected to be completed within three years from the commencement of construction. “The decisive mandate in the elections assures us that a stable government without any backward pull from allies will ensure a robust economy,” Parsvnath Developers chairperson Pradeep Jain said. “This expectation of stability has already generated positive vibes in the economy. The government has in the recent past been taking both fiscal and monetary measures to revive all industries. I am confident that IT/ ITeS segment will regain the old glory and we will witness tremendous response from prospective customers for our IT Park.” Recognising strong growth potential of the IT/ITeS sector, we have announced our maiden foray in the IT Park segment through the launch of Technica Cyber Park, said Jain, adding that the state of the art park would emerge as a preferred place for Indian and multinationals.
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BUDDA Nullah, the river of sorrows, is not only affecting the health of people living nearby, but also realty prospects along its banks. Though prices in most areas of Ludhiana have skyrocketed, it’s a different story altogether in areas close to the polluted water body — The foul stench from the nullah is keeping prospective buyers away and they do not want to construct a house in its vicinity at any cost.
the
rest
THE main purpose of taking up this topic this week was to send out the final call for preparing the soil. For first timers, especially those who just got through with construction activity, begin with thoroughly cleaning up the place of malba, marble, stones, bricks, glass pieces, paint, varnish and whitewash.
YOUR vexation at the weather gods is directly proportionate to the soaring temperatures. As the mercury rises, so does your annoyance.
After all, you are convinced in your belief that the cost of cooling homes rises with the temperature. Or does it?
APPLIANCES — electrical and electronic devices included — generate heat. Look for the sources. Be aware from where the heat is coming from. Say no to lamps, televisions and other heat-generating appliances next to your air-conditioning thermostat. The logic is not hard to understand. The heat from the appliances causes the air conditioner to run longer.
THE main purpose of taking up this topic this week was to send out the final call for preparing the soil. For first timers, especially those who just got through with construction activity, begin with thoroughly cleaning up the place of malba, marble, stones, bricks, glass pieces, paint, varnish and whitewash. If need be, remove the top layer and add fresh soil. If you need to do so, ensure that the new layer is mixed thoroughly with the base soil. Mostly, soil brought from outside is free of weeds.
