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Area watch: kakryal
Tax tips
Decor trends
Vaastu Wisdom
Miniature jade plant
REALTY GUIDE
Reality bites
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Area watch: kakryal
Kakryal, which was once a sleepy village located about 15 km from the base camp of the world famous cave shrine of Vaishno Devi with about 300 dwelling units, is fast metamorphosing into a realty hub. The real estate scene in Kakryal and its adjoining villages has witnessed an unprecedented upswing in the past few years turning the entire area into a commercial hub.
The existing transformation in the village began with the initiative of the Shri Mata Vaishno Devi Shrine Board (SMVDSB) to establish a full-fledged residential and technical university at Kakryal to offer scientific and technical education — a proposal envisaged in 1999. The university is spread over an area of 470 acres in the lap of Trikuta Hills. The former President of India, Dr. A P J Abdul Kalam, had inaugurated the Shri Mata Vaishno Devi University (SMVDU) on August 19, 2004. "There was no infrastructural development in the area before the shrine board came up with this proposal to set up a technical and residential university in the village. Earlier, the board had planned to set up this university near Serali, 3 km from Katra town, but the plan fizzled out in the initial stages only. The board had acquired agricultural as well as non-agricultural land from locals in Kakryal at the rate of Rs 20,000 to Rs 25,000 per kanal," Laddi Kumar, Principal of a private school recalls. "The rate of one kanal (5,440 sq ft) is now between Rs 8 and 10 lakh. Land owners in the area have also become aware of the value of their lands so much so that no one is ready to sell it for anything less than this price," Kumar said, adding that the land owners know that land is a goldmine which will fetch them good price in the near futureonce the university and other projects in the area become fully operational. Many of them are even planning to set up various profitable ventures once the ongoing infrastructural development in the area is complete. Apart from a full-fledged technical university, a state-of-the-art cancer hospital, which is part of the upcoming Shri Mata Vaishno Devi Institute of Medical Excellence (SMVDIME), is also all set to be a reality in the village. A nursing institute and an international-level blood bank will follow the completion of the cancer hospital in Kakryal. The development projects have raised the hopes of villagers in the area as they know that all this will mean a better and brighter future for them and their children through better prices for their lands and better educational and employment opportunities. Prakash Chand, 50, who is a resident of Tareen Majadi village located 3 km from the university campus and is presently serving as security guard at SMVDU, remarks, "We had never dreamt of having such a university in the village. The ongoing development, too, has made a strong impact on the real estate in the adjoining villages. In our village, where the people used to get Rs 5,000 to Rs 8,000 for a kanal till 2008, the prices have now gone up to Rs 1 to 2 lakh per kanal." The sixth battalion of Central Reserve Police Force (CRPF) has also acquired 624 kanals in Kakryal for setting up a training centre. "In 2005, when the CRPF had acquired land in the village, the rate of one kanal land was Rs 1.15 lakh which has increased by 500 per cent in the past seven years. Even businessmen, bureaucrats and politicians from Jammu are interested in purchasing land here," says Sham Lal, 32, a local teacher. He added that land along the highway had seen the maximum price appreciation over the past few years. "The price escalation of property here is bound to be steep. With infrastructural developments taking place at a good pace, the area will be a perfect choice for traders and corporate sector in days to come," he said, adding that the village has the potential to become a vibrant commercial hub in near future if the single-lane road connecting it (village) with Katra via Penthal, on one side and NH-1A at Jajjar Kotli on other side was widened and made double lane. Some villagers, however, also paint a grim picture of the ongoing development in the area, saying that all this will have a negative impact on the farming activity in the village. "The farmers, who sold off their small land holdings, have been rendered unemployed because they have no other source of income in the village. The area was famous for fertile land and the people used to grow pulses, vegetables and other cash crops, but the production level has come down significantly as very less land is left for farming," Dharam Dass, 62, a local villager regretted. This fear of losing their fertile land has made many villagers reluctant to sell their land, adds Sham Lal. So while Kakryal is on the threshold of an urban makeover, only time will tell to what extent its hopes and dreams of a bright future are
realised. Property peek n
Apart from a technical university, a CRPF training centre, a world-class cancer hospital and a blood bank are also coming up in the area. n
From Rs 25,000 per kanal in 2004, the price of one kanal in Kakryal village is now in the range of Rs 8 to 10 lakh per canal. n
The village is steadily transforming into a vibrant commercial hub. Only hurdle is the single-lane road that connects it with Katra on one side and NH-1A at Jajjar Kotli on other side. n
The village is just 15 km away from Katra town, which is considered the base camp of the famous cave shrine of Vaishno Devi in Trikuta Hills.
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Tax tips Now we are planning to get some flats constructed on the plot and sell them. The construction cost will be borne by me and my wife jointly. There is no other property in my wife's name, while I have property reflected in my tax Return. What will be the tax liability if we get the flats constructed on the plot or sell the land? My queries are: n
What will be the long-term capital gain and how can the tax burden be reduced? n
Do we have to wait after the construction of flats for three years to sell these in order to claim tax exemption? —jasbir singh A.Your queries are replied hereunder: n
The query does not contain the exact amount that your wife had paid to purchase the plot. It also does not indicate the expected sale price. It is therefore, not possible to compute the long-term capital gain on the sale of this plot. n
The activity of constructing flats on a plot and selling them may be treated as an “Adventure in the nature of trade” and the profit, if any, arising on such a sale may be brought to tax as under head “Profit and gains from business or profession”. In such a case, it may not be possible to claim any exemption from taxability. The provisions of the Income-tax Act 1961 (The Act) contain exemption from the taxability of a long-term capital gain subject to compliance with certain conditions. n
You have the following options to save tax on long-term capital gain arising on the sale of the plot. n
You can purchase or construct a residential house by utilising the entire amount of 'net consideration' on the sale of the plot. The purchase has to be effected within one year before or within two years after the date of sale of the plot. The construction of the residential house has to be completed within three years after the sale of the plot. So much of the 'net consideration' as is not utilised on or before the due date of filing the tax Return is required to be deposited in a bank account under the capital gain scheme for being utilised for the purchase or construction of a residential house within the period specified above. 'Net consideration' for the above purpose means the amount of consideration received or accruing on the sale of property less expenditure, if any, incurred in wholly and exclusively in connection with the sale of the property. n
You can purchase tax-saving bonds by utilising the amount of capital gain. These bonds have to be purchased within six months of the date of the sale of plot. Such bonds can be purchased for maximum amount of Rs 50 lakh in a financial year. These bonds have a lock-in period of three years. n
In case the sale of flats is considered as an adventure in the nature of trade, the above options would not be available.
Utilising proceeds from office space sale Q.I am an NRI living in Norway since 1973. I had bought an office in Mumbai in 1973 for Rs 35,000. Last week I sold this for Rs 1.60 crore. Please advise me how I should handle the sale proceeds. — brij moonga A.As the property had been purchased in 1973, it would be appropriate to adopt the fair-market value of the property as on April 1, 1981. You will have to approach an approved valuer in India to determine such value. The fair-market value so determined shall be the value which will be considered for the purposes of arriving at the indexed cost. Such indexed cost would be deducted from the sale price of Rs 1.60 crore. The balance should be the amount of long-term capital gain. You would be liable to pay income tax @ 20.6% on such long-term capital gain. In case you want to save the amount of tax payable you have the following options: n
You can purchase or construct a residential house by utilising the entire amount of 'net consideration' on the sale of the property. The purchase has to be effected within one year before or within two years after the date of sale of the property. The construction of the residential house has to be completed within three years after the sale of the property. So much of the 'net consideration' as is not utilised on or before the due date of filing the tax Return is required to be deposited in a bank account under the capital gains scheme. n
You can purchase tax-saving bonds by utilising the amount of capital gain within six months of the date of sale of property. Such bonds can be purchased for a maximum amount of Rs 50 lakh in a financial year. These bonds have a lock-in period of three years.
Adjusting long-term capital loss
A.You would not be required to pay any tax on sale of the house as the indexed cost of the house would be Rs 27,53,300 on the basis of the cost inflation index as notified for the year 2000-01. The sale price of Rs 26,00,000 being less than the indexed cost, you will be entitled to the carry forward a long-term capital loss of Rs 1,53,300 for a period of eight years. Such long-term capital loss can be adjusted against any long-term capital gain arising in the said eight years. In view of there being a long-term capital loss, you would not be liable to pay tax with regard to the transaction of sale of residential house.
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Decor trends Over the years all that has changed and today this lowly room is more than just a necessary nuisance in the house. As interior decorator Anchal Joshi puts it, "A bathroom is where we refresh and pamper ourselves. It is a place where everyone in the household spends some part of the day in and, therefore, must be decorated with as much care as any other part of the home." Ever since the bathroom went in for an image makeover from being just a room of function to a sanctuary to relax and unwind, new-age designers are encouraging their clients to dream about what this special room should look like. A little forethought in planning can mean not just a user-friendly but slick and trendy space as well. Leading brands in bathroom designs, like Kohler, Roca and Gessi are going all out to create bathing experiences like never before. Have you ever thought about the kind of bathroom you want. The bathroom that will suit your taste and personality. If not, here’s a checklist: Tiles and styles Gone are the days when plain vanilla tiles with small borders gave a bathroom its trademark look. The modern wall and floor tiles are daring and vivacious and custom-made and meant to add a mesmerising aura. The material could be porcelain, ceramic, terracotta or even glass, but the colours and designs are used to create imaginative focal points lending life and pizzazz to the bathroom. Stylish racks and cabinets Towel racks, drawer pulls, medicine cabinets and mirrors add to the décor. They must be chosen with care and an eye not just to match the fittings and accessories but also with an eye on the latest trends. Warm-coloured bath mats may be added to soothe the glossy chill of the tiles. Match the bathroom accessories with bath and hand towels all in pure cotton for a stunning effect. Art of lighting A bathroom needs to be well lit, as this is where we groom ourselves so the size of windows and the overhead lighting should be kept in mind to add depth. If the windows are small, consider installing mechanical ventilation to banish the foul odour. A pretty floral arrangement, a pot pouri or a well-chosen painting can do wonders at making the bathroom seem impressive and supremely luxurious. Drop dead curtains Nothing defines a bathroom better than your choice of curtains. The right ones can make it look stunning while the wrong ones can ruin the entire effect. Choose from a range of curtains and window drapes offered by leading designers like Tommy Hilfiger, Ralph Lauren and DKNY which are likely to be available in India soon. But also switch to brass and silver hooks and rings to brighten things up. Wall art Art in the bathroom spells ultimate class. From landscapes to small sculptures and installations, art can change the entire look of a bathroom as it can give it a whole new warmth and feel. You could have the popular water-themed paintings, beach and ocean art and the all-time favourite nature and flower canvasses. But you can go beyond the normal and go for avant garde and surreal art to jazz things up. Colour me pretty Boring grey or white walls are a thing of the past. Use colours that soothe and relax. Peach tiles with dark brown walls or deep porcelain blues with earthen hues. Traditional pastels can be jazzed up with chocolate-brown accessories. However, use dark colours only if there is ample light in the bathroom. In fact, the accessories, fixtures and fittings should be matched with the colours of the tiles.
Trendy fixtures Selecting the fixtures and fittings is one of the pleasures of planning a bathroom. The sink, tub, toilet and shower made of porcelain, marble, glass or even stone strongly reflect one’s persona and elegance. Small details like installing a sink at the right height, hiding plumbing pipes with a sleek cabinet under the sink and adequate storage areas with visual as well as physical access should be kept in mind.
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Vaastu Wisdom Q. Recently we have finalised the deal for a flat in Zirakpur. The entrance in this flat is from east, while the kitchen is in south; bedroom in southwest; living room in southeast; and dining room in northwest direction. Please advise on the application of Vaastu for my kitchen. — amar singh A.Keep the following points in mind for your kitchen: n
Keep the gas stove in the southeast corner of the kitchen n
Person should face east while cooking. n
Drinking water should be in the northeast of the kitchen. n
Sink should be in the south portion of the kitchen. n
Ideally kitchen should be planned in the southeast part of a house. The next option is the northeast corner. The kitchen should never be in the southwest direction. Office placements Q.In my workplace my seat is facing the door. Is it ok? — parma nand vij A. As per Vaastu principles the table should never be opposite the door as the energy that will rush in whenever the door is opened will hurt you. Hence it is better to have the door in a corner of your office room if possible. Also the table should not be such that your back is towards the table. Moreover, there should be a solid wall behind your chair. Hollowness will make you change your decisions frequently and lose control over staff.
Right trees for your home Q. There is a huge banyan tree just in front of our house. Some people say it is inauspicious. Kindly guide us which plants one should have in and around one's home as per Vaastu? — m.l sharma, patiala A.Trees such as banyan, peepal and fig (Athi and Eithi) are undesirable near dwelling places but are considered sacred in temple complexes. Trees such as banyan and peepal, with their wide spread branches obstruct sunlight which is considered to be an elixir for healthy living. Trees on which insects, worms, honeybees, bumble bees, owls, or serpents rest or multiply should be avoided around the dwelling areas. There are trees and plants that secrete either a milky or an oily juice when scratched. The former are called 'female' and the latter 'male'. The trees that have no secretions are said to be neuters. The neuter trees bear neither flowers nor fruits and such trees have to be identified and rejected at all costs. Lemon and 'narthai' of citrus species can be planted in the garden and so can the sweet-smelling flower plants, creepers and plants with medicinal properties.
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Miniature jade plant Popularly known as miniature jade plant, it is a South African evergreen succulent found all over the world. The small, roundish and fleshy leaves placed very close together help in the formation of a good foliage pad. It is a suitable plant material for bonsai novices due its perennial nature and ease in styling. It is a fast-growing plant species and is suitable for several bonsai styles. Cascade and semi-cascade styles are its natural forms as its branches tend to droop due to their weight. However, formal upright, informal upright, slanting and group planting are other suitable styles. The trunk and branches of this species are flexible and readily accept wiring to be positioned in the right direction. Because of plants heavy weight due to its foliage, it is always better to place it in a comparatively deeper container to accommodate and balance the plant properly. Many residents in the tricity are having up to 15-year-old mature miniature jade plants grown as normal plants without any one even noticing them. These plants have survived several years without re-potting and are mostly overgrown. To give a conspicuous look to the garden these plants can be trained into good-looking aged bonsai in just two growing seasons. Create your own bonsai Take an aged Portulacaria afra plant in whatever form it is available. n
Create space for working, by clipping small branches which are on the trunk-line and up to 2 cm away from the base of each branch. n
While keeping the plant at an eye-level height, view it from all angles possible. Decide on the style of bonsai to be created, keeping in mind the basic requirements of various styles. It may be ensured that the front of the bonsai chosen is the best for the style. n
Clip all other long branches to size which go beyond the dimensions of the bonsai to be created. n
Clip other small branches which are of no use in styling the structure of bonsai n
Wire the main trunk-line with a wire of reasonable thickness and bring it to the desired position keeping in line with the style. It should be ensured that wire is removed before it cuts into the trunk and branches, normally after 2-3 months. n
Wire the branches in order to position them in the right angle and direction so that the plant gives a look of a bonsai. Finally pinch to refine the shape. n
The success of the whole project lies in weekly pinching of the branches to help in creating better pads and to progressively improve the shape of the bonsai. n
It normally takes about a month’s time for the plant to adjust to the new wiring after which, it should be re-potted in a bonsai pot using cactus compost along with the necessary root pruning. Place the pot in a shaded area for about two weeks and water only when top 2 cm of soil becomes dry. Gradually bring the plant to full sun. The plant is forgiving and tolerates under watering and over watering, but it is always better to allow the plant to dry before watering it. — The writter is the President of the National Cactus and Succulent Society of India. Tending tips n
As it is a fast growing species, weekly pinching during growth period should be carried out regularly to accelerate the growth and improve the shape of the pads. n
For the leaves to remain small and compact, the bonsai should be placed in full sun. Water when the top soil becomes dry, but under watering will help in reducing the size of leaves and making them compact. n
Re-pot once in three years, preferably in spring.
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REALTY GUIDE
A.According to law an apartment is transferable within three months of the allotment/ possession. The developer/company can transfer the apartment after taking the requisite fees within that time. But if the stipulated time is over then you will need to get a Conveyance Deed. The law governing your case is the Punjab Apartment Ownership Act, 1995. This Act came into force in the whole state of Punjab on June 21, 2005. The Section 14 and 15 of this Act that pertain to Conveyance Deed of apartments and enforcement of transfer, respectively, are explained below: Section 14 — Conveyance Deed of apartment and its registration: Whenever any allotment, sale or other transfer or an apartment is made by the promoter to the allottee, the promoter and the allottee shall, as the party in the first part and party in the second part, respectively, within three months from the date of such allotment, sale or other transfer, execute a conveyance deed of apartment Section 15 — Enforcement of transfer: If the promoter, or the apartment owner, as the case may be, fail to execute a Conveyance Deed of the apartment or an endorsement thereon under sub-section (1) or sub-section (4) of Section 14 within three months, or do not comply with the provisions of sub-sections (3) and (4) of Section 14 within three months of the execution of the conveyance deed of apartment or the endorsement thereon, or with the provisions of sub-section (1) of Section 12 within three months of the date on which possession of the apartment is given, or, where the competent authority or the State Government has granted extension of time under the first proviso to sub-section (1) of Section 14 within such extended period, the competent authority may, either on a complaint or suo moto, impose a penalty up to a maximum of Rs 5,000 or five per cent of the price of the apartment, whichever is greater, for each apartment for which there is a default together with a further minimum penalty for each apartment of Rs 100 for every day for which the default continues, and the penalty may be recovered as an arrear of land revenue. How can I sell my share in property? Q.I and my brother, who is an NRI, have a residential house in our joint names. Both of us have equal share in it. Due to some financial problems I want to sell my share. But my brother is neither buying my share himself nor allowing me to sell my share to someone else. And as the property has not been partitioned as yet I am not able to sell my share. How can I get the partition done in the absence of my brother (who is intentionally not coming to India) so that I can sell my share? Please guide. — anuj kumar A.There are two ways to solve your problem: Right to enforce partition In all cases of joint ownership, each party has a right to demand and enforce a partition; in other words a right to be placed in a position to enjoy his own right separately without interruption and interference from others. A transferee of a share in the property or a transferee of any interest can ask for partition. You can file a civil suit to enforce the partition of the house. The court will send your brother a notice and ask him to present his view on the matter and decide accordingly. n
According to Section 44 of The Transfer of Property Act, 1882, you have full right to sell your share to any person but on the condition that the buyer will come in your shoes and become a joint owner with your brother claiming only the sold share.
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Reality bites
Real Estate group Mona Portfolio Ltd. (MPL) recently announced the launch of two new projects — Mona Paradise Apartments and Mona Greens — in the tricity region. The Mona Paradise Apartments project is located on Mohali-Delhi six-lane express highway in Shivalik city, Sector 127, Greater Mohali. It will be an infrastructure of 63 exclusive freehold G+2 independent floors, designed in accordance with international standards.
The 250-acre Shivalik City is in the vicinity of Quark IT Park and Fortis Hospital in Mohali. The independent floors will have a super area of 1635 sq. ft. and each first and second floor will have exclusive terrace space. Giving details of the second project the MD of the group, Warangan Kumar Ralhan said, "Mona Greens is an integrated township which will come up on the VIP Road in Zirakpur. It will have four 14-storey blocks accommodating 283 3 and 4BHK flats starting with a super area of 1110 sq.ft. up to 2291.77sq.ft". 300 EWS flats allotted at Omaxe Heights, Faridabad Omaxe Ltd conducted the lucky draw for the allotment of EWS flats in Omaxe Heights, Sector-86, Faridabad, earlier this week. The company has offered 300 flats under this category. Each one-room flat costs Rs 1.5 lakh. Omaxe Heights is spread over an area of 40 acres. The company has already handed over possession of 2 and 3 bedroom apartments in the general category. The company also organised a customer care camp at Omaxe Greens, Derabassi, recently where company officials resolved customers' queries on issues like pending receipts, transfer, pending interest etc. The phased possession of 2 and 3 BHK flats has already commenced at the 23-acre project located on NH-1. Speaking on the occasion, Ritesh Sehgal, AVP (Sales and Marketing) said, "We are strongly committed to our project in Derabassi. Such measures will not only help the company in ensuring quality products but more importantly in providing state-of-the-art services." — TNS
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Kakryal, which was once a sleepy village located about 15 km from the base camp of the world famous cave shrine of Vaishno Devi with about 300 dwelling units, is fast metamorphosing into a realty hub.
Q.My wife owns a plot in Pune. This plot was originally a part of agricultural land that was divided into small plots by the owner and was sold to several people. One of these plots was purchased in name of my wife in1987. No construction has been carried out on the plot. The plot is now in 'R' (residential) Zone and construction is in full swing in the area.
Q.I had purchased a single-storey constructed house in 2000 for Rs 4,00,000 and paid Rs 24,000 stamp duty to get it registeredt in my name. I renovated this house in the same year and constructed the first floor by raising a bank loan of Rs 10,00,000 and spent almost the entire amount on renovation and construction. I sold this house in August, 2011, for Rs 26,00,000 and repaid the pending bank loan. Kindly tell me how much capital gain I have earned in this transaction and what is the time limit to pay tax on it or to purchase another property. — gurpartap singh juneja
There was a time was when the toilet was the most neglected space in the house. It was usually tucked away in a corner and people curled up their noses when they passed by it.
The modern bathroom has become a sanctuary that blends in spa-like amenities that redefine luxury. Latest bathing experiences include everything from chromatherapy to air baths, from deep soaking tubs to custom-designed showers. And there is good news for bathroom singers as well. They can now install waterproof music systems complete with electronic controls in their shower cubicle for the experience of a lifetime! It's not just the bathtubs and showers that are changing. Other fixtures, too, are transforming in keeping with the times. Apart from their durability, reputed brands are going green and launching eco-friendly taps made of recyclable materials, which save and even recycle water.
Normally it takes five to ten years and a lot of patience to make a reasonably good bonsai depending upon the species. Portulacaria afra is a great option for those who have neither the time nor the patience, but would like to experiment to create an aged looking bonsai in just two growing seasons.
Q.I had booked a flat at Zirkpur in Pearl Group project, Nirmal Chhaya. The developer had given possession to me after I made the full payment for this flat,. Now I want to sell this flat, but the management has refused to transfer the same in the name of the new buyer. They say that I can sell the flat only after getting a registry done. But the written agreement between us is clear on the point that the allottee of a flat can transfer the flat after paying the transfer fee to the developer. If I get the registry of the flat then that would mean an added expense of around Rs 2 lakh. Do I have to bear this cost or is there any legal provision that can help me in selling the flat easily? — Vishal Arora