Let the light shine
You’ve bought candles & diyas by the dozen and rice lights by the metre but there’s something missing. Why restrict the Festival of Lights to open spaces? Here’s how to jazz up the interiors with lamps, lights and chandeliers
Saurabh Malik

Looking for dazzling ideas to brighten up your mood and your house this Diwali? Well, just think of brilliant initiatives beyond intelligent psychedelic lights. Imperative, yes they are. Bright, undoubtedly! Common? You don’t even have to ask that. Ever since the Chinese invaded the Indian arcades with glittery lights, the bulbs have lost somewhat of their unique sheen. Look around, and you find almost all the houses in the vicinity garlanded with blooming lights!

Diyas and candles? You have already picked them up. Are they enough? How many more can you buy? You have been asking yourself the question. After all, the entire house has to be illuminated.

And then, there is always the wind — strong gusts, persuasive blasts of air which strike with a vengeance, with perceptible anger for unperceivable reasons, with purposeless motive of swiping away all things stationed in its direction. Every Diwali, nature’s unforeseen designs seem to coax the wind into blowing off the candles!      

So, what can you do to make the Festival of Lights all the more shimmering and glittering? Well fellows, get into the explosive mode and do some fiery shopping for hot designer lamps, wall lights and chandeliers.

Now, if you are wondering what lamps, lights and chandeliers have to do with Diwali, stop scratching your pretty little head with anxious fingers. The answer is quite obvious — you have to brighten up every nook and corner of your house and what’s better and brighter than permanent source of illumination that promises to light up your house on the auspicious day and beyond.

Religiously speaking also, it has its own significance. Chandigarh-based advocate Hema Kakkar says a well-illuminated house not only gives expression to your happiness, but is also a radiant way of paying obeisance to the supreme power. “And then, traditionally, outdoor and indoor lightning is essential to welcome Goddess Lakshmi in the house,” she says.

Smiling in complete agreement, Ludhiana-based dealer of electrical goods with operations in this part of the region, Y.P. Gupta says so many people simply don’t carry luminous thoughts inside the house and restrict themselves to outdoors when it comes to Diwali illumination. “They have to understand indoor lightening is as indispensable a part of the celebrations as the outside,” he insists.

Then there’s another reason. Renovation is also considered fundamental to celebrations. “You buy new stuff, throw out the old, give the walls a fresh coat of paint and carry out repairs. If you have the time and inclination, you give the house a facelift,” says inside-outside artiste Neeraj Sharma. “But now that the time is running out and you have just about a week, pick up lights to set the mood for the Diwali evening”.

Guys, don’t look so dull. Taking home lights is not that lacklustre an affair -- it’s easy and adapts to every budget.

“In the past, kings and the rich would install expensive chandeliers crafted out of Belgian cut glass to showcase wealth, prosperity and affluence,” says K.V. Rao, chairman of Dolphin Mart Limited, a company into home furniture and furnishing for over 16 years now with Elitaire showroom at Faridabad. “Now, it’s your turn”.

Rao insists the trend has made a come back with the discerning elite this Diwali. “The lights, the chandelier and the other stuff are exquisitely designed keeping in mind the prestigious and the symbolic significance of each product for Diwali and for times to come,” he says.

Well, you can go in for chandeliers and wall lights that have been crafted to perfection in association with design houses of Italy, Germany, France and Spain. So, what are you waiting for? Cheers to all things nice and bright!

All good things come for a price

Go in for chandeliers that come in gilded gold, polished brass and even silver. You can pick up the ones cut to perfection with imported glass from famous design houses of Italy and Germany for interiors with dramatic, rich, royal and exuberant style. The prices can leave you in cold sweat though. It ranges anywhere between Rs 1.15 lakh and Rs 5.95 lakh, depending upon style, shape, size and quality.

Lamps are relatively inexpensive. You can pick them up from home décor shops in your vicinity for just about Rs 500 though prices can go up to Rs 5,000. Lamps can be kept in unlit corners near the doors and the windows. Pedestal and floor lamps are also a good choice. Just make sure you dispel the darkness of day-to-day existence with the light of exuberance and celebration by lighting up all corners of the house.

TAX TIPS
If you buy agricultural land, capital gain exigible to tax
S.C. Vasudeva

Q. I am an advocate, 40 years old. In 1984, my father purchased a plot for Rs 1.6 lakh in the defence quota for me. After my marriage in 1993, my husband built a one-room set on it by spending Rs 2 lakh on it from his own sources. The price of the plot at present is Rs 2 crore. I have two minor daughters. Out of the sales consideration, I want to buy one flat each for my daughters and myself. Can I repay the loan of my husband — approximately Rs 7 lakh — from this? My income is around Rs 1.5 lakh per annum and my husband's Rs 1.8 lakh gross. Can I invest the remaining amount in buying agriculture land to save long-term capital gains tax? — Pooja Sharma

A. Your queries are replied hereunder:

n You can repay the loan of your husband out of the sale proceeds of the plot.

n The tax on capital gain arising on the sale of the plot cannot be saved by purchasing agricultural land. You can save such tax by utilising the net consideration realised on sale of the plot by purchasing a residential house within one year before or two years after the date of sale or constructing a residential house within three years of the date of sale. The tax can also be saved by utilising the amount of capital gain in acquisition of tax saving bonds issued by the Rural Electrification Corporation Ltd. and National Highway Authority of India. Such investment can be made to the extent of Rs 50 lakh in a financial year within six months of the date of sale of the plot.

n In case you buy an agricultural land, the capital gain arising on sale of the plot will be exigible to tax. Presently, such long-term capital gain is chargeable to tax @ 20 per cent plus education cess of 3 per cent thereon.

Build house within three years of sale date

Q. I purchased a flat in December 2004 for Rs 5.7 lakh. I spent Rs 50,000 on necessary arrangements for safety purposes. Now, I want to purchase new house. Sale cost for the same is Rs 17 lakh. Can I get the benefit of long-term capital gain by investing the same? How much period is required for getting benefit of tax? — Vijay Mane

A. You can save the tax in respect of a long-term capital gain arising on the sale of a residential house provided such capital gain is utilised for purchasing a residential house within one year before or two years after the date of sale of the residential house or by constructing a residential house within three years of the date of sale. In case such utilisation is not made before the due date of filing the Income-tax return, the unutilised amount is required to be deposited in a bank under capital gain scheme account. The amount so deposited can be utilised for purchasing or constructing a residential house within the period as specified above.

Adopted son sure can inherit ancestral property

Q. In a Hindu divided family of three brothers, can one brother — who has no surviving member of his family — will ancestral property to his adopted son or will it go back to his two surviving brothers? In case a will is executed in favour of a son so that the property may not go to the daughter, then is it not against the Hindu Succession Act, 1956 that was amended recently to make the daughter equal partner in her father’s property? — Sita Ram

A. The facts in the query are not complete. It is not indicated as to how the ancestral property was acquired by one of the brothers. In case the property was received by one of brothers by virtue of partition of the Hindu Undivided Family and such a brother has no other legal heir except the adopted son, there should not be any problem in making a will in favour of the adopted son in respect of such a property.

The provisions of Hindu Succession Act 1956 referred to by you are applicable where a person dies intestate i.e. without making a will. In case a will is made in favour of someone, the provisions referred to by you would not apply.

Difficult to prove will not valid

Q. My aunt purchased a house about ten years back. She has no children and has been staying with me for the last five years. She has made a will of her property in my favour and also registered it with the Estate Office. Can anybody challenge this will after her death? — Reetoo

A. A will can normally be challenged by a person on the following grounds:

n Will was executed by a minor or a person who was not of sound mind.

n The making of will has been caused by fraud or coercion or by such importunity as takes away the free agency of the testator.

In case none of the elements specified hereinabove are existent in the case cited by you, it may be difficult for anyone to prove that the will as executed was not valid.

To save LCGT, buy house in father’s name

Q. My father inherited some property from my grandfather (who expired in 2005) through registered will executed in 1995. The said property was transferred in my father’s name in February 2009. Now, my father wants to sell the property and divide it into two shares to be given to me (in my father’s name) and my sister.

My queries are:

n What is the difference between mutation and transfer? Are both the same?

n Since the will was executed in 1995 but transferred in February 2009, will this be a short-term or long-term capital gain if my father sells the property? What will be the tax calculation?

n If my father purchases two houses from the proceeds of sale — one in his name and the other in my sister’s, will he have to give any tax on the share that will be given to my sister? — Ajay Sharma

A. Your queries are replied hereunder:

n The term ‘mutation’ normally means change of name in the records of the revenue authorities. The word ‘transfer’ on the other hand is a term used to convey the change in the possession or the title of the property.

n In case of an inherited property the period for which the previous owner held the property is taken into consideration for computing the period for which a property has been held. A capital asset, i.e. property held for a period of three or more years, is considered to be a long-term capital asset. The capital gain arising on such a capital asset will be a long-term capital gain.

n The exemption from taxability of long-term capital gain can be availed in case the residential house is purchased in the name of your father. In case two houses are purchased, as suggested by you, the capital gain utilised towards purchase of house in the name of your father would not be chargeable to tax. The remaining amount of capital gain, if any, would be taxable. It is not possible to compute the tax liability as the figure of cost of the property and the sale price thereof has not been indicated in the query.

For conveyance deed procedure, contact PUDA

Q. A residential plot was allotted through a re-allotment letter issued by Punjab Urban Planning and Development Authority to Mr A and Mr B in joint names. Under this situation, if the owners want to get a conveyance deed executed only in the name of Mr A, what is the procedure to be adopted by them to forego allotment rights of Mr B in the said property? Can PUDA independently take necessary action or some legal action is also required? — Baljit Singh

A. It has not been clarified in the query whether Mr B paid for his share of property or his name was included without making any payment. The procedure to be adopted for getting the conveyance deed executed in favour of Mr A will have to be ascertained from the Office of the Punjab Urban Planning and Development Authority.

However, in case Mr B also made payment towards allotment of the residential plot, the question of gift to Mr A to the extent of payment made by Mr B would arise. This question would be important in case Mr B is not related to Mr A in the manner specified in section 56 of the Income-tax Act 1961 (the Act). In such a case, the stamp duty value of the property to the extent of the share of Mr B will be construed as income from other sources of Mr A in accordance with the provisions of the aforesaid section of the Act. 

Reality of Realty
Irony at its peak
Militancy displaced lakhs of people in the Valley but the mass migration worked wonders for realty in Poonch
Shariq Majeed

A house in Jawahar Nagar area of Poonch town.

While Jammu and Kashmir battles bullets and bleeds, migration due to militancy has sent land prices spiralling in Poonch, one of the last towns on the Indian side.

Thousands of residents of rural areas, particularly Mendhar, Bufliaz, Surankote and Mandi, migrated to the comparatively safer frontier township.

Following the slow but steady migration, one kanal of land costs as much as Rs 1 crore in some localities of this township. Five years ago, the same land could be bought for somewhere around Rs 30 lakh.

In areas like Muhalla Jarnailley where one kanal cost Rs 10 lakh not very long ago, the current prices hover around the Rs 30-lakh mark. “I bought two kanals of land for Rs 3 lakh in Muhalla Jarnailley about 15 years ago. Now it is worth Rs 1 crore,” says Harbhajan Singh, a cloth shop owner and resident. “In some areas of Poonch town like bus stand area and Muhalla Qilla, the price per kanal of land are as high as Rs 1 crore.”

Sudesh Misri, who runs a local channel, has sold more than 40 kanals of land in Radio Station Mohalla. “Before militancy, the population of Poonch town was around 13,000. Presently, it is estimated to be between 60,000 and 65,000. The increase in population is solely due to migration of people from rural areas to this urban centre,” he says. “My ancestors were jagirdars (land owners) of Poonch during the British era. We once owned most of the lands in this border township and have been selling the same. Before militancy, one kanal would cost fetch around Rs 1 lakh but now prices vary between Rs 40 lakh and Rs 1 crore depending upon the location in Poonch town,” he says.

Mushtaq Khan, a government employee, migrated from Batta Durian area in Mendhar to Jarnailley Muhalla in Poonch fearing for the safety of his family. “We migrated from our native area to this place due to high incidence of militancy related incidents back home. I bought a kanal of land for Rs 2 lakh. Presently, it is said to be valued around Rs 50 lakh,” he says.

Green House
Owner’s Pride!
Diwali is also the time to show off your garden. Jazz up nooks and crannies with terracotta bric-a-brac and highlight with traditional diyas burning bright
Satish Narula

Everyone is looking forward to the festival season. Homemakers are working overtime on how to decorate homes – after all, the decorations have to be different from what was done last year and, of course, better than Mrs Gupta’s! It is also a busy time for gardeners. No doubt houses are illuminated, but effects in the garden and decorations can only be enjoyed if there is proper planning.

Depending upon the festival, the garden is decorated accordingly. While Holi means doing up the garden with rangolis in different colours, sparing not even the grassy green, Diwali is all about illuminating the best corners and sprucing up the not-so-showy ones with flowers and knick-knacks. There may be constraints in illuminating a particular area in the garden but then there are ways to decorate and illuminate even the forbidden areas, without burning a hole in the pocket.

In this festival season, used most are toys, statues and other decoration pieces. The garden is the best place to use such adornments. Of late, terracotta artifacts, statues, lanterns, bells, small fountains or water falls, mandirs and diyas are mostly used and are easily available at nominal rates.

It completely depends upon your imagination as to where to use these in your garden. The decorating features could be used supplemented by colourful marble chips, which again are abundantly available and reasonable.  Various kinds of toys and statues could be used to create themes. The godly figures are particularly used to decorate the gardens and porches.

However, in case you are using small statues, it is better to keep these at some elevation creating a matching ambience.  The best part of using such adornments is that these do not get spoiled when exposed to the vagaries of nature, including the harsh and direct tropical sun. Independent landscape features could also be created using different types of miniatures available.

However, in such features keep a provision of lighting or illumination as part of the theme as the garden is planned to be best enjoyed in the late evening hours during this festival season.

Other very interesting features that you can create for the festival decoration are water features. This can be done in various ways. What you need are shallow pots. It is up to you whether you use simple ones used by halwaiis to make curd or designer pots on pedestals.

There are further options whether you use the live aquatic plants, flower petals or a combination of both. Rangolis are also made on water with colours and saw dust. But this type of decoration, however, needs expert handling and stillness of water. The use of aquatic plants in combination with flower petals gives best effect. 

Now-a-days you can easily get floating candles. Imagine a cut glass bowl with loose flower petals floating in a definite pattern interspersed with floating candles. That would make a real romantic dining table display. Try it!

This column appears fortnightly. The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in

Fortnightly Alert

For those of you who planted new plants during the monsoon period, there is a word of caution. Keep an eye for white-ant infestation. It would be better to give a treatment otherwise too. For this, add to all the new plants a bucketful of chlorpyriphos solution each, the chemical dissolved at 3.75 milliliter to a liter of water.

This will take care of the white ants through the winters even when you use some straw to cover your plants as protection against winters. Straw attracts white ants very fast. Also keep the plant straight by tying to a secure peg at the end opposite to the side on which the plant is bending. Do not forget to regularly remove the dead twigs along with a little of healthy part.

Most wanted Affordable housing
Housing demand in under Rs 25 lakh segment to rise up to 30 pc in next three months

Housing demand, which has been hit by the economic slowdown, is expected to rise up to 30 per cent by the end of this year with maximum demand being seen in the price bracket of Rs 5-25 lakh, says a Ficci survey.

"Affordable housing seems to be flavour of the day. Not just among the political class, but among the real players at the ground," Ficci said in a statement. "Although the real estate sector has started to show some signs of revival a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 per cent renewal in demand," the survey said.

The survey found out that 34 per cent of the demand in the residential segment was in the price range of Rs 5-15 lakh and 26 per cent was in the bracket of Rs 15-25 lakh. As much as 22 per cent demand is in the range of Rs 25-40 lakh, 12 per cent in the range of Rs 35-50 lakh and a mere six per cent for properties priced above Rs 50 lakh, the study revealed.

"Parking funds in affordable housing projects has emerged as the safest bet for the developers followed by developing demand based commercial spaces," it said. According to the survey, industry experts believe that demand in retail segment would rise by 10-12 per cent during the next three months and will recover only by the last quarter of 2010.

The commercial segment is expected to pick up after the third quarter of 2010. "Real estate developers now seem to concentrate on high volumes and lower margins as against low volumes and higher margin and have shifted focus towards the affordable housing segment," it said. — PTI

Delhi sees up to 27 pc vacancy in office spaces

Up to 27 per cent of office spaces at some places in the National Capital are lying vacant due to over supply and higher rentals, a report by realty consultant CB Ricard Ellis said.

Many secondary business districts, like Nehru Place, did not see any major transactions due to increased supply, congestions related to metro constructions and relatively higher rentals, the report said, adding that Nehru Place's vacancy level was estimated in the range of 12-14 per cent.

"Saket District Centre maintained a status quo with respect to attracting interest from prospective tenants and approximately 25-27 per cent of available office space is still lying vacant in this micro market due to problems associated with low infrastructure development," it added.

CBRE said the rentals were, however, more or less stable across the National Capital Region in July-September. "The last quarter of the year is not expected to witness much demand from the IT/ITeS sectors, as a result of which a recovery in IT real estate is expected to be a few quarters away," the report said.

In Mumbai, rentals are expected to remain under pressure over the short to medium term with increased vacancy levels as new supply hits the market. "As a result of continued construction activity, over 3.5 million sq ft of new supply would be added to the external business district by 2010." — PTI 

Inching back to normal

The festive season approaching, the real estate business shows signs of revival in Jaipur. The bankers' decision to reduce the rate of interest against the home loans appears to have triggered the turnaround. The trickle of customers, which had long dried up, has turned thick.

"The slowdown was due to the high rate of interests. Earlier the rate of interest was eight percent to nine percent, which had gone up to 12 percent to 13 percent. So, it was beyond the pocket of the customers to buy a property at these rates of interest. Hence people dropped their ideas of buying a flat or property," said Dhirendra Madan, president of Mahima Group.

"The bankers reduced the interest rates to eight per cent from nine per cent, following the intervention of the government. Now people have begun to make a bee line for a flat or land," he added.

"Many builders are now providing flats at reasonable rates along with many facilities. Earlier, there was fear due to recession that if we buy a property what will be its future, what if we don't get any returns from the property? But now with reduced rate of interests and the upward trend in the real estate market, one can think of buying a property or a flat," said Kapil, a buyer.

Lots of money are expected be pumped in to the real estate sector of Jaipur during next four to five years. — ANI 

NRIs, come home!

Citibank announced the presentation of its 'IndiaHome Property Exhibition' in Dubai.The exhibition organised by media agency Middle East and Signature Events, will be held over the weekend of October 9, 10 and 11.

According to a release, this exhibition will offer an opportunity to the large Indian diaspora in Dubai to get first-hand information on the range of residential real estate opportunities available in India and conduct in-person discussions with developers representatives. Moreover, visitors can use the platform to understand the available home-loan options that Citibank offers to its Non-Resident Indian (NRI) customers.

The exhibition also brings together prominent builders like Brigade Enterprises, Chaithanya Projects, Emaar MGF Land, ETA Star Constructions, Fairy Land Foundations, Gera Developments, Goel Ganga Group, Hiranandani Constructions and Kalpataru.

According to Ashish Mehrotra, head, consumer assets, Citibank India, "owning a home in India is a long-cherished desire of all NRIs worldwide. However, distance from the purchase location can be discouraging. We are confident it will serve as a convenient interface for NRIs with Indias reputed developers and make the purchase process seamless." — PTI