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TREND MILL
TAX TIPS
GROUND REALTY
Realty set for recovery from end-2009
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Custom made
Posters on your walls doesn’t mean you’re a teen living in a dorm! Decorating a room with posters is a cost-effective way to add art to your walls. Turn a dull room into a spectacular vision with posters in all shapes and sizes, themes & styles, writes
SAURABH MALIK
IT’S written on the wall. The new order is changing, yielding place to old. And, the old-new order is manifesting itself not just in the intricate designs of Victorian furniture with heavy wood and elaborate carves, but also in pinups and posters for your rooms. Just in case you do not know something about the recent trend evocative of the swinging and rocking past, just jive down to the card and gift shops, even the home d`E9cor stores, in your city. Look and you will find pop stars and divas of the 60s, 70s, 80s and the 90s all set to taken home for adorning the blank walls of your rooms. Right fellows! Pinup boy Imran Khan, even Brad Pitt and Angelina Jolie are fast going out of vogue, at least in the boomtowns. The ones with elaborate sermons on search for happiness within, even 20 ways of saying `I love you’, and striking contrast between beer and women, are ready to be ripped apart from the little room of your heart. Pushing them off the wall are youngsters zooming in their attention on "something different". Ask the showroom owners and they say the "oldies are goldies once again" for the young crowd. Crisp currency notes flow out of their wallets as they ask for the Beatles — the band which literally brought music to the masses. "There’s nothing more legendary than the Beatles. The one depicting... Abbey Road... cover is the hot favourite, though John Lennon - People for Peace and Imagine still attract admiring and eager-to-possess glances from prospective buyers," chips in ex-Capt Rajneesh Talwar, who has been in the card and gift business for over three decades. This is not all. Another poster flying off the shelves is Bob Marley Mosaic. Oh yes! The Buffalo Soldier reggae star’s poster so famous during your college days is back to deck up your room, harmoniously and rhythmically. "Printed as a colourful mosaic, it gives the impression of being made up of puzzle pieces," says Chandigarh-based DJ, AJ. "The poster suggests the pieces will fall in place as you sail through those tough and trying times. No wonder, its inspirational appeal goes down well with the younglings". You even have Lenny Kravitz asking ‘Are you gonna go my way’. Well, how can you forget Wham for your room? The George Michael and Andrew Ridgeley Wham bam posters are there for you, all ready for you to hang up the past. If you are not a great English-song buff, there’s Muhammad Ali for you. "You can pick up the poster of Muhammad Ali vs. Sonny Liston," says the manager of Chandigarh-located Emerge-10. "It’s a classic and features Muhammad Ali’s now-legendary pose following his knockout of Sonny Liston." It’s the same one you saw in your younger days in dorms of just about anyone on the wrestling or football team! All for Rs 650-1200, depending on size! Are you game?
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Theme for a dream
TIMES have changed and so
has decorating with posters. Tearing off a poster of the latest hottie from a
magazine is so passé! Poster is now a theme-based decorating style. Here are
some poster theme ideas:
Movies: Movie posters have been around for forever.
For the movie buff, a poster can be based on era, director, actors, or even
genre. An example would be Steven Spielberg. You could start out with ET and
finish up with War of the Worlds. Best suited for: TV room, living room,
lobby, bedroom Sports: The Mohamed Ali poster is a fine example. There are
so many to pick from. Poster themes could include boxing greats, baseball or
even chronicling the life of Lance Armstrong. Best suited: Den, TV room Vintage ads: These have come the farthest. You can find some of the best
vintage advertisement art in posters. These are some classics that can make a
room look classic with being gaudy. Best suited for: Living room, lobby,
bedroom Cars: You could have the history of the Audi ending with the newest
Audi Q7. You don’t have to have large posters and turn your room into a
garage! Best suited: Den, living room, TV room
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All that
jazz!
Before you embark upon the task of putting up a poster, make sure it is placed at the eye level. Putting it up at great heights will take the charm away and you'll have to crane your neck up. Hang it too low, and it will look amusing. Look for appropriate places. A wide print can go on the wall above the sofa, or even the bed. If it is horizontal rectangle, the poster will make the wall look wider; a narrow tall print can go along the window as vertical rectangle makes the window look taller. To maximise impact, use it opposite a mirror! Every time you look into the mirror on the wall, you will see Tom Cruise staring back. Not bad, eh? In the end, get it framed, instead of gluing it, but make sure the frame is not too heavy for the peg. Go in for Chinese faux wood frames. Do it now folks, Diwali is just round the corner!
DIY
Step 2: Envision what you want poster decor to do for the room. Posters can add colour (coordinate or accent), pull together a theme (marine life in a bathroom, sports in a den or child's room) or stand in for a more expensive art collection (you too can own a Monet or a Picasso). Be creative. Recipe posters can double as cookbooks in a tiny kitchen. Reproduction movie posters from classic films can turn your family room into a home theatre. Step 3: Browse at gift galleries, decorating stores, museum gift shops and flea markets. You may start looking with one idea in mind, and be captivated by something completely different. Step 4: Frame your posters to lend them years and to prevent hostel room effect! You can find simple, classic, inexpensive frames at the corner framing shop. If you are grouping posters on the same wall, choose identical frames. Step 6: Change your poster decor frequently. One of the best things about decorating with posters is that they're inexpensive enough to enable you to do a complete makeover whenever the mood strikes you! Think about changing posters with the seasons, as you do other decorating accessories like pillows and linens.
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You can challenge will in court
S.C. Vasudeva Q. My grandfather died over 35 years back without making a formal will. His land was divided among my father and his brothers as per mutual agreement. Land was never transferred to my father’s name in revenue records although he had possession of it. Few months back, my grandfather’s fake, backdated will was made and on the basis of this will, land was transferred in the name father in revenue records last year. Within the next two months, my father transferred entire land in the name of his grandsons from my deceased brother leaving me, my brother and sister without any share. My father was 98 and died early last month. All this happened when he was not very alert and was emotionally blackmailed by his grandsons. How can we get back our share in land since all activities happened within last six months of my father’s life. Can it be challenged somehow? — General Sidhu A. You will have to challenge the will in the court of law on the contention that the sons of your elder brother had exercised coercion and in that process persuaded your father to execute a will in their favour. I would suggest that you should consult a lawyer as the issue involved has legal consequences. Obtain duplicate copy of conveyance deed
Further, following a family understanding, a ‘Family Settlement cum Family Partition Agreement’ (both sons appeared before the registration authority and signed the agreement) was registered with the Estate Office. Both sons retain their individual 50 per cent share, whereby my elder brother took possession of the complete ground floor except the annexe room and I took possession of ground floor annexe, first and second floor, which has been termed as 50 per cent share of the property as far as the possession of their 50 per cent shares are concerned. Both of us are at liberty to sell/ mortgage or give on rent the above said portions of the property. I raised a home loan against my share of the property. As the original conveyance deed is in the possession of my brother and he refuses to sign the bank loan papers as co-applicant, my share has been mortgaged by PNB Housing Finance Ltd, after paying the applicable stamp duty (3 per cent of the mortgage value). Due to the recent reductions by some financing institutions, I wish to transfer my housing loan account to any of these low cost offerings. But all private banks do not get into registered mortgage and ask for the original conveyance deed to sanction the loan. Considering non-availability of the original conveyance deed and high stamp duty cost, I am unable to shift to the low cost solutions and continue to pay high interest. Please suggest a low-cost solution to this problem, considering that my brother shall neither part with the original conveyance deed nor sign loan documents as co-applicant. — Ajay Agnihotri A. I would advise you to obtain a duplicate copy of the conveyance deed from the sub-registrar’s office where the said deed was registered. It should be possible for you to convince the bankers to accept the certified copy of the deed because the original copy is available with your brother, who is not parting with the said original deed. The bankers can always verify your claim that your elder brother has an original copy of the deed of which a certified copy has been furnished to the bank.
You can only will self-acquired property
— Mewa Singh A. Your queries are replied hereunder:
Interest on FD not part of capital gain
Q. I inherited my father's 45-year-old house in 2007 and sold it in 2008. In order to save tax on long-term capital gain and to construct a new house within three years, I had deposited Rs 20 lakh under the Capital Gains Scheme as fixed deposit for two years. The FD is to mature in 2010 with 8.5 per cent interest. In the meantime, I have purchased a plot for construction of new house from my other sources. I shall use my FD maturity amount for construction of house within three years of selling the old house. My questions are:
— Jyoti A. The interest earned on fixed deposit under the capital gain scheme will be taxable as part of your other income. It would not be treated as part of the total capital gain arising on the sale of the house. The interest so earned would be taxable even if the same is used for the construction of the new house. You should be able to get the credit for the amount spent from your own sources for the purchase of the plot as part of the proceeds of fixed deposit can be allocated towards the said purpose.
CGT only if possession given to buyer
Q. I am a senior citizen and assessee. I own a piece of land that I purchased in 1990 for Rs 15 lakh. I entered in agreement to sell it in February 2008 for Rs 60 lakh and received earnest money of Rs 10 lakh. The final date of registration was fixed as July 2008. I wanted to use the capital gain portion of the consideration to build a house. Therefore, I purchased a residential plot with the earnest money in June 2008. I was hopeful that the buyer would execute the agreement and the final money received in July 2008 could be used for construction. But due to recession, the buyer paid me another Rs 10 lakh in July 2008 and got extension upto October 2008. In October, he sought another extension and paid further amount of Rs 5 lakh. I extended the date to November 2008. Even in November the buyer dilly-dallied and I refused further extension. Till date, the agreement has not been executed inspite of legal notices to buyer. My queries are:
— Ram Saran A. I assume that possession of the plot had not been handed over to the buyer. The reply to your query is, therefore, based on that presumption. The capital gain on the sale of plot would arise as and when the possession thereof is handed over to the buyer. The amount received by you till November 2008 in the shape of an earnest money would be adjustable against the final consideration. There would be no capital gain tax liability in respect of such earnest money. In case the possession is handed over in December 2009 and the sale deed is also executed in the said month, the capital gain would be exigible for the assessment year 2010-11 i.e. financial year March 31, 2010.
Let out Pkl house to avail deduction
— Deepak Goraya A. Your queries are replied hereunder:
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GROUND REALTY
What REALTORS say & what
they mean
APARTMENT culture has fast caught up with residents of the Tricity. Most towns in Punjab, Haryana and Himachal, too, have witnessed a sporadic coming up of flats and apartments in vacant land pockets. Realty boomed during 2003-2006 and along with it prices of building materials rose unprecedented. Buying a plot to build the dream house went beyond the budget of the common man and he began to exercise the flat option. Sensing the trend, many big and small builders launched housing projects and cashed in on the opportunity. Zirakpur, Mohali and Panchkula led other cities and towns in this spread of apartment
culture.
While buying an apartment, the most baffling question facing the buyer has been the large difference in prices of apartments available. No doubt, prices vary according to size and city. Apartments of identical size and design may have different costs in different cities, the reason being the difference in status of the city and basic land prices. Apartments in Panchkula and Mohali will, obviously, be costlier than those in Zirakpur. But when a variation in price of identical apartments is noted within a city, the buyer is unable to find the right and convincing answer. Builders enumerate “rich” specifications, maintenance of quality standards and amenities for the extra price. But then, no builder shall ever agree that he has compromised on quality or specifications! Amenities, services and recreational facilities are shown to be almost the same in all housing projects though most always remain to be made available, shortage of funds being the standard excuse. Money is, however, available for full-page advertisements! Here is how to strike the right deal:
Consider this: Say there are 40 apartments over a one-acre (4840 sq yards) land pocket. Land area chargeable to one apartment shall be 121 sq yards only. Note that this is not the land covered by the apartment but chargeable to it. Let the prevailing market price of developed plots in the area be Rs 20,000 per sq yard. Take 40 per cent of it i.e. Rs 8000 per sq yard. This is the cost of land chargeable to a plot. The cost of land for one apartment shall therefore be Rs 9.68 lakh, including development charges. More the number of storeys or apartments, less is the cost of land chargeable to one apartment.
Sample this: If a flat with 1,500 sqft Super Area is priced at Rs 30 lakh, its cost works out as Rs 2,000 per sqft. Let us work out the plinth area. It will be somewhere around 1,000 sqft. Taking the cost of construction as Rs 1,000 per sqft and adding 10 per cent profit, cost of construction should be Rs 11 lakh. Add cost of land to it. In six-storey apartments with 1,000-sqft plinth area, land area attributable to an apartment can’t be more than 100 sq yards. Note that this is not the area under a flat but the area chargeable to it. In a city like Zirakpur, its cost should be Rs 6 lakh and in Panchkula or Mohali not more than Rs 10 lakh. Thus the cost of flat should be between Rs 17 and 21 lakh and not Rs 30 lakh. More tips will follow next fortnight. Till then, happy bargaining. This column appears fortnightly. The writer is deputy chief engineer, civil, PSEB
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Realty set for recovery from end-2009
INDIAN real estate is expected to enter the recovery phase by the end of 2009 and macro-economic and sector-specific factors will act as catalysts in this recovery, a leading real estate consultancy said.
"Economic recovery during CY 2010-11 is likely to reinvigorate the interest of foreign investors in India's real estate market. We expect enhanced capital inflow in the real estate sector in the medium-to-long-term," Jones Lang LaSalle said in its report. Initial yield is expected to show compression during CY 2010-11 and capital values are likely to decline during 2010 before recovering in 2011, the company said in the
report.
According to the World Economic Outlook Report by IMF, the world economy is likely to contract by 1.4 per cent during 2009. While advanced economies are expected to contract by 3.8 per cent by the end of this year, emerging and developing economies are likely to grow by 1.5 per cent. India and China are expected to grow by 5.4 per cent. "India and China are expected to witness a robust recovery with increase in real GDP growth from CY 2008-09 levels and Indian economy is expected to grow at 5.4 per cent during 2009 (the second highest in the world after China, which is likely to grow at 7.5 per cent)," the report said. Fiscal deficit in India leaped from 3.1 per cent in 2007 to 6.1 per cent in 2008 and is further expected to inch up to 6.4 per cent during 2009, it said. Another online portal has said both property seekers and builders were affected by the global slowdown. While builders were unable to raise capital for their projects, property buyers on the other hand were deferring purchases due to job uncertainty and doubts about the future prospects. In its survey, makaan.com, found that the real estate sector was now reacting to recovery in the economy. It also sought to find put whether the skepticism to buy a new home was actually a result of the slowdown or was it just a panic wave created by it. Brokers and realtors were found to be upbeat about recovery of the sector. An overwhelming, 79 per cent national respondents feel that the sector has revived in the last three months. This scenario is echoed in both metro as well as the non-metro cities. Affordable housing emerged as the need of the hour and 66 per cent respondents confirm that majority of homebuyers in the present times want to buy property in the sub-40 lakh segment. Respondents in metros too feel the same. However, there exists a sizeable demand for the mid-segment (Rs 40-75 lakh). The luxury segment (over Rs 75 lakh) continues to have fewer takers. A ready to move in home is the flavour of the season. With builders not able to deliver projects within stipulated time, property seekers are taking a rather cautious approach and prefer investing in ready to move in apartments. A whopping 54 per cent respondents believed that maximum demand amongst property options is for ready to move in apartments. Top items on the checklist while choosing a house were budget followed by location. The survey was conducted in leading metros and tier II cities on the portal between August 11 and 20 and saw participation from over 3,200 brokers and realtors.
— Agencies
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Q.
My grandfather died over 35 years back without making a formal will. His land was divided among my father and his brothers as per mutual agreement. Land was never transferred to my father’s name in revenue records although he had possession of it. Few months back, my grandfather’s fake, backdated will was made and on the basis of this will, land was transferred in the name father in revenue records last year. Within the next two months, my father transferred entire land in the name of his grandsons from my deceased brother leaving me, my brother and sister without any share. My father was 98 and died early last month.
Beware of builders’ tricks
INDIAN real estate is expected to enter the recovery phase by the end of 2009 and macro-economic and sector-specific factors will act as catalysts in this recovery, a leading real estate consultancy said.
"Economic recovery during CY 2010-11 is likely to reinvigorate the interest of foreign investors in India's real estate market. We expect enhanced capital inflow in the real estate sector in the medium-to-long-term," Jones Lang LaSalle said in its report. Initial yield is expected to show compression during CY 2010-11 and capital values are likely to decline during 2010 before recovering in 2011, the company said in the
report.
NOW, if you are wondering why the posters? Well, they can cheer up a new home or brighten a room. They add colour and the right mood to the carefully created ambience of your room without filing for bankruptcy! Choosing posters is the most fun part. The posters should express the personality and design intent of the inhabitants’ of the room. For someone who likes classical styles, a Transformers movie poster or Rambo would be inappropriate! Pick posters that best express your personal style.
Step 1: Survey the wall space. Decide whether one or two large posters or a cluster of smaller ones will look good. Draw a map of the wall, indicating furniture heights and any wall-mounted shelves or fixtures. Take note of existing colours.
Step 5: Hang your posters. To hang several posters in alignment, use a level and measure to determine the correct placement for the nails and mark them with a pencil. Stagger grouped posters to avoid having to level them; this works well when posters are of different sizes.
Q. This refers to a residential house property in Chandigarh that was allotted to my mother. After her death, it has been transferred in the name of her two sons (my elder brother and I), each being equal shareholders.
Q. I am a farmer living in a remote village of Haryana. I have five sons and two daughters. My father willed his belongings to my five sons and excluded my daughters. My eldest son, who works with the Haryana Agriculture Department, is very cunning. I had given 80-85 per cent money to my eldest son for construction of a house in Haryana and have nothing to give my other children. My queries:
Q. I have share certificate of a group housing society transferred in my name and am presently living therein with my family. I am a Haryana government employee and receive HRA and file IT returns regularly. Recently, I was allotted a plot by HUDA, Panchkula, and given possession of the same. I have to construct the building thereon by availing a house building loan of Rs 10 lakh in order to comply with the terms and conditions of the allotment letter. Kindly advise:
"Initial yield has already started to show a declining trend during 2009 that is likely to be the case in the near-term. Yield on 10-year Indian Government Bonds is likely to harden due to higher fiscal deficit," it said. The report said although the high fiscal deficit is likely to harden interest rates in the economy, all other macro-economic variables are expected to improve during CY 2010-11 which is likely to induce real estate market recovery after the slowdown of CY 2008-09.