The Tribune, Chandigarh, India

	area watch: sangrur Realty lies low in Sangrur The property market in this district neighbouring Patiala is languid in the absence of buyers and investors Umesh Dewan With hardly any sale and purchase activity on in the Sangrur district at present, the realty sector is passing through one of the worst phases here. Unlike Ludhiana, Amritsar and other cities of the state, big builders and construction companies have not shown any interest in launching commercial and residential projects in Sangrur. To make the matters worse, mushrooming of unauthorised colonies in Sangrur has left the local developers high any dry. There are hardly any takers for the approved projects as land is available for much less in the unapproved colonies. Land prices in the Sangrur have also not witnessed much appreciation in the past few years. According to real estate agents in the area, it was local businessmen from Sangrur and Ludhiana, who used to invest by purchasing properties in different parts of the district. However, since SAD-BJP government came to power in Punjab in 2007, the sale purchase activity became sluggish. Talking about the dismal scenario, local property dealer Gurchain Sarao said the sale and purchase of property in Sangrur was at a standstill at present with hardly any buyer interested in making investment here. "Frequent increase in the stamp duty rates and the defeat of Congress in the Assembly poll are the factors that have adversely affected property business in smaller cities like Sangrur in the state. There is a general psyche of the investors that during Congress regime, the real estate business flourishes. As far as the stamp duty issue is concerned, the DC rates are extremely high because of which there is lukewarm response from the investors," he said. Stagnant market Market watchers observe while land prices in various cities of the Punjab have increased three fold in the past couple of years, in Sangrur property prices have not witnessed much increase. The land prices in residential colonies with best location in the city are not more than Rs 25,000 per sq yd. A survey of the property prices in different localities in the city revealed that the rate per sq yd is Rs 14,000 in Ekta Vihar; Rs 20,000 to Rs 25,000 in J.P.Colony; Rs 6,000 to Rs 12,000 in Officers' Colony and Punea Colony; Rs 20,000 in Agar Nagar; Rs 13,000 to Rs 14,000 in Karan Singh Nagar; Rs 14,000 to Rs 15,000 in Mubarak Mahal. Local real estate dealers feel that these land prices are too low as compared to those in other districts. Poor development score Sangrur was also an important part of PEPSU and even after the formation of Punjab, Surjit Singh Barnala and Rajinder Kaur Bhathal, who hails from Sangrur, have served as Chief Ministers of the state, but on the development front the area did not gain much in spite of being the CMs' hometown. Punjab Finance Minister Parminder Singh Dhindsa, who was PWD Minister in Badal Cabinet last time, did some work for laying metalled roads here, but the overall physical infrastructure, including planned colonies, proper civic facilities, flyovers and other development projects, in the district is in a bad shape. There is no major hospital here despite the fact that the number of cases of cancer is alarming in the district. On the education front also, there has not been much progress. These factors have also served as a deterrent for investors. Colony culture The realty scene in the area is basically about the sale and purchase of plots as the apartment culture is virtually non-existent here. Only, recently, the Improvement Trust has completed the work on some flats near Sunami Gate. Most of the developers have large chunks of land on which they offer plotted colonies. Plots are offered to buyers and investors after the developer takes up development works in the area and gets the requisite clearances for a residential cluster. But here, too, the number of unauthorised and unapproved colonies is more as some unscrupulous developers lure buyers with comparatively lesser prices. With very few buyers in the market as it is, the developers having approved and authorised projects are finding it tough to stay in competition. "Though we have sold off about 50 per cent of the land but the pace at which the buyers are coming is very sluggish. One of the main reasons behind this is the long time that is taken to get different permissions and approvals from the various bodies in order to set up the colonies", said Jasbir Grewal of Grewal Property Dealers and Real Estate. This firm is developing residential colonies in Sangrur. Some of the colonies include Dreamland on the Sangrur-Patiala Road which is spread over an area of 30-acre, Sangrur Valley (18-acre) on Sangrur-Dhuri Road and Park Avenue (15-acre) in Sangrur city. Jasbir also pointed out that "during the Congress regime (2002-2007), positive real estate policies had lead to a boom in the sector and Punjab had witnessed immense investment from multinational companies, but now things are different." Referring to a recent statement of the Punjab Deputy Chief Minister regarding the survey of all the illegal colonies in Punjab, Jasbir said if developers of unauthorised colonies were taken to task, then property market will flourish in Sangrur. Local players dominate the realty scene here as none of the major national builder has shown any interest so far. There is no state-of-art shopping mall, multiplex and a good residential township here. According to the majority of the real estate agents, the multinational companies are focusing on places like Ludhiana, Patiala, Amritsar, Jalandhar and Mohali, where the buying potential of customers is more and the sale purchase activity is also on. "As the real estate sector in Sangrur has been passing through a rough phase for quite some time, even government bodies like the Improvement Trust and PUDA have not shown any interest in coming up with projects here," said, Harjinder Singh, a real estate agent, based in Sangrur. With inputs from Vikrant Jindal in Malerkotla Property peek Prices (Rs per sq yd) in different areas in Sangrur are: Residential property Ekta Vihar 14000 J.P.Colony 20000 to 25000 Officers Colony 6000 to 12000 and Punea Colony Agar Nagar 20000 Karan Singh Nagar 13000 to 14000 Mubarak mahal 4000 to 15000 Commercial property In the two main commercial markets in Sangrur—Wada Chowk and Chhota Chowk—the present rate (per sq yd) is between ~2 lakh and ~2.5 lakh. Malerkotla One of the worst affected places in the area is Malerkotla, as there is virtually no buyer and those who own property are desperate to sell it off, as land prices are coming down drastically. Malerkotla-based property dealer Deepak said, "Sometime back, Parsvnath initiated a township project at Adamwal Road but it got such poor response that they sold off the land measuring 120-acres at throwaway prices (Rs 600 per sq yd). There is no multiplex in the city. One shopping mall Le Plaza is coming up but it is uncertain, whether it would find any takers. The land price in Malerkotla's Gandhi Nagar is Rs 1,000 per sq yd, which makes it evident the bleak scenario pertaining here." A view of an under-construction shopping mall in Malerkotla Sunam Sunam, which is some 15-km away from Sangrur, has a similar story as far as sale and purchase is concerned. The price of land in Satya Enclave project that is coming up on the Sunam-Bathinda road is between Rs 9,400 and Rs 9,700 per sq yd but there are hardly any takers. Property consultants in Sunam also lamented the fact that the authorities were not taking any effective measures to curb the menace of unapproved colonies. "In unapproved colonies developer offers the land at cheap rate, which badly hits the business of the promoters of the approved townships," said Rajesh Kaushal, a property consultant.
	Decor trends Disha Singh ... A pleasing palette Colours have the ability to influence our moods and emotions which is why the decision regarding the use of colour in a home is important. They can induce a peaceful or hectic atmosphere, encourage or discourage activity and even make certain areas in the house welcoming or unwelcoming. Colours have a psychological impact on our eyes and nervous system which influences our behaviour and reactions. As such there are no good or bad colours, rather it is their use in particular areas which makes them suitable or unsuitable. Colour preferences are dependent on the age and gender of the occupants. Broadly speaking bright colours are more appreciated by the younger generation, while the elderly prefer light and soothing colours. Generally colours are divided into warm eg yellow, red and orange; and cool colours eg, green, blue and white. The various areas/rooms in a home have different functions, which is why colours suitable for different spaces are different. Drawing room l This is primarily a space for social interaction, hence the colours used must encourage conversation and the flow of energy. l Peach tones are pleasing and are appreciated universally. l Deep blue shade lends a regal and serious ambience. l The use of black and white gives an elegant touch to the room and makes the space feel cosmopolitan. l Red should be used sparingly l Neutral shades like brown and cream can be used in addition to the bright hues. Dining Room l Pale yellow or gold tones fill a room with warmth and light. They are also associated with joy and optimism. l Using red and bright yellow colours tend to increase an individual's appetite and also increase the speed of eating. No wonder then that these are the colours are frequently used in fast food restaurants. l Using deep purple or lavender adds richness and romance to a room. However these should be used in moderation as they tend to become overpowering and encourage daydreaming. Living room l The use of pink helps to calm and soothe and also helps to reduce anger and stress. Although it is usually termed as a feminine shade, peachy tones (pale mixture of pink and orange) appeal to men as well. l Brown lends an earthy appeal to a space. Pale brown shades make a room appear larger and less cluttered. However, as these are neutral shades they may be perceived as boring and can be spiced up by using splashes of bright colour in the form of upholstery or accessories. Kitchen l Primarily, cool colours are used in this area as cooking activities increase the internal temperature. l Vivid green seems to bring nature indoors. Mint green is a well-liked shade which combines the vibrant effect of dark green and the cooling nature of white. l Light and bright shades of blue are also ideal for kitchen as they look cool and add charm to a room. They are also known to repel insects. l Shades of lemon and cream may also be used. Bedroom l Pale green shades are one of the most relaxing colours to have in a bedroom. They are soothing and help an individual unwind. l Tropical hues i.e. blue-green tones, are also ideal for bedrooms as they have a calming influence on the inhabitants. l Controlled use of shocking pink is also a good option for children's room as it discourages hyperactive behaviour but does not reduce playfulness. l In hot climates, white is used in bedrooms as it is cooling. The biggest advantage of using white is the fact that it is a neutral colour and the room furnishings and accessories can be in any colour. Bathroom l Shades of light green and blue evoke the feeling of serenity. l In case the bathroom is does not receive adequate sunlight, the use of pale yellow makes the space look brighter. Tips of all hues l Use light colours in small spaces. l Never use two dark shades in the same room. l Bluish green tones are suited for almost every space. l Purple should never be used in work spaces. l Neutrals like gray and brown should always be accompanied by brighter colours. l When using imposing bright colours like red or orange, it is bet ter to apply them just on one wall rather than the whole room.
	vaastu wisdom madan gupta spatu ... Room for improvement Q. Ours is a love marriage but there is a lot of discord of late, and I have noticed that maximum fights occur when we enter the bedroom. Can there be some negative energy there. Is there any remedy for this? —Shikha A.You can follow these tips l Decorate your house with beautiful crystal items. Rose quartz helps attract light and illuminates your relationship as well. l Don't clutter your surroundings with unnecessary items. For a good and healthy relationship, special attention should be paid to removing the clutter, as they restrict the flow of love. l A dusty object means dust on the relationship as well. Therefore, keep you bedroom clear of dust and dirt. l Try and surround yourself with magnificent love colors, like orange, purple, red and pink. l Always keep fresh flowers in the room. You can also keep fruits like pomegranates, which are a symbol of fertility, in the room. l For couples facing marital disharmony, using a double bed, with a 'single' mattress, is a good option. Too many mattresses increase the chances of conflicts and arguments. You can even stitch up the seams of two mattresses, to make them appear as one. l Always keep the most romantic area of your house attractive, say by using candles, flowers, etc. l The door of the attached toilet must be kept shut and the toilet seat cover should be kept down, when not in use. Q. The store room in our house is in the east. Someone pointed out that it's a wrong direction. What is the best location for a store room? — S.K. Sharma A.Ideally the store room should be in the northwest or southwest portion of the house. It is very beneficial if grains and other provisions are stored in the northwest direction. All heavy things may be stored in the southwest of the storeroom. Garbage may be collected in the southern portion of the house. Q. I don't get sound sleep in my room and I am very tense about it as I have to appear for an important competitive exam soon. How can Vaastu help me? — Ram Kumar A. Follow these simple instructions and see if these improve your sleep pattern. Sleep in the southwest area of your house with your head towards the south. Place heavier furniture towards the south and west. Keep the centre, north and east areas of your home open and free of clutter. You can also place a fountain in the northeast and a light in the southeast.
	Investment in property loses sheen Uncertainty in the real estate sector is keeping the Indian home buyers away, according to a survey. "While property still remains the preferred choice of investment of nearly all the Indians, as high as 92 per cent, they are pretty scared of trading in the property market now," real estate market tracking news portal Track2Realty's survey titled 'Home Buyer's Satisfaction Index' said. The survey further said buyers are looking at other options, including infra bonds for investment."Nearly 70 per cent of Indians who are looking to invest again after occupying a house assert they prefer relatively safer bets like infra bonds than be sorry after the new launches are stuck up due to developers' poor financial condition, regulatory hassles or other legal issues." The survey was conducted in 10 cities: Delhi, Mumbai, Kolkata, Bangalore, Kochi, Ahmedabad, Chennai, Patna, Pune and Chandigarh. As many as 2,000 house-buyers were surveyed."Almost 60 per cent of home seekers active in the property market believe there is artificial demand in a new launched project and after 12-24 months, prices can be realistic, if not outrightly downward," it said. Due to lack of confidence in the new launches, buyers are preferring ready-to-move properties. "Nearly 62 per cent prefer to settle for a flat in the secondary market as against the temptation of brand new in the recently launched apartment." — Agencies
	REALTY GUIDE B K Sanghi email your queries to realestate@tribunemail.com ... GPA terminates with the death of seller? Q. I had purchased a plot through general power of attorney (GPA) around 1997 and now I want to sell it. The buyer wants registry of my plot. And I approached the authorities in order to get a registry. As the person who had sold the plot to me on GPA had died a few years ago, the officials have refused to register my plot on two grounds: 1. Since the person executing GPA has died, the deal has become invalid. 2. The GPA has been banned by the Supreme Court. Please tell me the way out of this situation?— P. Kumar A.According to Uniform Power of Attorney Act, the power of attorney terminates when the seller dies. Then the relevant documents such as Will, Agreement to Sell, affidavits of full and final payment come to existence. In your query you have not mentioned what documents besides the power of attorney you had taken from the seller while purchasing the plot around 1997. However, the court ruling will not affect the validity of sale agreements and powers of attorney executed in genuine transactions. For example, a person may give a power of attorney to his spouse, son, daughter, brother, sister or a relative to manage his affairs or to execute a deed of conveyance.
	How can I establish claim on mother's property? Q.My mother purchased land long time ago. Intkal was also done in her name at that time. Even tritma of land was also drawn. But we did not take the possession then. After my mother's death, I applied for getting the land transferred in the names of her legal heirs and to give us the nishan bandi also. But the department refused to give the nishan bandi as the land was not in our name. We were also told that the land could not be transferred to the legal heirs as the Intkal had not been entered in that year's jama bandi. Please advise how we can proceed in this matter. — Manjit Singh A.First of all do you have the copy of original registry and actual fard in favour of your mother when she had purchased the land. If you have this document, then you can pursue the change of ownership in your name (legal heir). However, it will be better if you consult an advocate dealing in civil matters.
	Sister-in-law's right Q. My father and the widow of my brother had purchased a plot and constructed a house (ground floor) by investing equal amount from their sources. My father died in 1993 without leaving a Will. We - my elder brother, widow of my brother, my sister and myself (all married) - were the four legal heirs of this property. We submitted affidavits and our share from the house (i.e. 1/8th of each) in the house was transferred in the name of the widow of my brother. My elder brother after his retirement constructed a two-room set on the first floor of this house without paying any amount (cash or kind) for roof coverage to our widowed sister-in-law. He had spent Rs 2 lakh for this construction in 1995 and is living there till date without paying any amount. His children are married and are living separately. Now my brother and his wife are planning to move abroad. Please clarify: l Does my widowed sister-in-law have to pay some amount to my brother for taking possession of the first floor constructed by him? l Do any of the claimants/legal heirs of my elder brother have any right in this house? l What is the best way to avoid any legal complication among the legal heirs? — Gurcharn Singh A. l The widow of your brother becomes a transparent/undisputed clear title owner of the full house, including first floor, once it is transferred in her name. In absence of any agreement between her and your brother, she need not pay any amount to your brother for taking possession of the first floor constructed by him. l The claimants/legal heirs of your elder brother have no legal right on the house any more.
	reality bites Faster approvals will bring down housing costs The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, Minister of Housing and Urban Poverty Alleviation Kumari Selja said recently. The committee, under the chairmanship of Dhanendra Kumar, former chairman of the Competition Commission of India, will submit its report in four months, she said while addressing a conference on affordable housing organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). “It is estimated that the cost to ultimate consumer could be 25 to 40 per cent lesser if the time of granting approval is reduced to six to eight weeks, which is quite achievable in the present day and age,” said Selja. Leading real estate developers say about 70 approvals are required for a typical housing project which take nearly three years. The lack of coordination among multiple government agencies and delays result in higher costs which are passed on to the consumer. Naveen Raheja, chairman of ASSOCHAM real estate committee, said the shortage of dwellings in urban India is estimated to be 25.5 million units. The poor form 90 per cent of this shortage. “For affordable housing, partnerships may be forged among the Central Government, state governments, urban local bodies, people’s cooperatives and the private sector,” he said adding the definition of affordable housing should be clear. Affordable housing is generally defined as a dwelling unit of 300 sq ft for economically weaker sections with annual income level of Rs 1.5 lakh and 300 to 600 sq ft for lower income group with annual income of Rs 1.5 lakh to Rs 3 lakh. ASSOCHAM secretary general D.S. Rawat said, “Low-cost housing offers a world of opportunities to the real estate development business that can bring in much-needed resilience to the sector.” — TNS Godrej to focus on residential space Bullish on improvement in the real estate sector in the next couple of months, Godrej Properties, the real estate arm of Godrej Group, plans to continue its focus on residential space, a top company official said. "Though there is negative sentiment among buyers at present, the demand for houses will continue to grow, which is a huge opportunity for developers like us. We will continue to remain very much focused on the residential space," Godrej Properties (GPL) managing director and chief executive Pirojsha Godrej said. Of the 10 deals that the company signed last fiscal, only one was in the commercial space, at Bandra Kurla Complex. “Going forward, the entirety of our business will be focused on residential space,” he said, adding, “It is not that we feel the commercial space will not do well, but given our current portfolio, we think we have a significant exposure to this segment. Financing for residential projects is much easier than commercial projects. In residential, construction can be financed by customer advances. That is the key for scaling growth.'' GPL plans to launch 15 projects this fiscal, he said. DLF to start its own fire brigade Country’s largest real estate player DLF is all set to start its own fire brigade beginning with Gurgaon and Chennai. DLF will set up at least three fire stations in Gurgaon as also in southern city of Chennai, in the next two months. The three stations, mainly to safeguard DLF properties, would have about 120 employees. These will be the first private fire stations in India that will cater to nearby areas also, along with the three complexes of DLF, in the case of need. “These fire stations will be located in the Cyber City and DLF Phase V in Gurgaon and the IT SEZ in Chennai. These stations are expected to be operational in the next two months,” DLF Head (Fire Safety) S.K Dheri told reporters. 200 cr for Great Patna project Realty group Cosmic Structures Ltd. will invest Rs 200 crore to develop the Greater Patna Project on the lines of the Great Noida, its Managing director Sushant Mutreja said recently. A plan in this regard will be soon presented to the Chief Minister Nitish Kumar, he told reporters n Patna. The realty company has an experience of delivering about 50 lakh sq ft of constructed space in 40 different projects in Delhi NCP, Mumbai and other towns across the country, Mutreja said. The company has set up its corporate office here with a long-term plan to launch housing projects in the state. — Agencies
	tax tips S. C. Vasudeva email your queries to sc@scvasudeva.com ... Not eligible for exemption if house is in wife's name Q.I am working in the Punjab Government and my wife is working in the State bank of India. I had purchased a built-up house constructed by a government agency in Gurdaspur in March, 2005. In 2004 my wife was also allotted a residential plot, in Jalandhar on which we had constructed a house in 2009 after taking home loan from her bank. My wife was allotted an apartment in Mohali by GMADA in March 2012. It will cost Rs 69 lakh. My query is: Can, I make the payment to GMADA on behalf of my wife by selling the house purchased in my name in 2005 and claim exemption on long-term capital gains under Sector 54 E? — Varinder Kumar A.According to the provisions of Section 64 of the Income-Tax Act 1961 (the Act), 'any income arising directly or indirectly to an assessee from an asset transferred to the spouse other than for adequate consideration or in connection with an agreement to live apart shall be treated as assessee's income'. In view thereof, the payment to GMADA on behalf of your wife would be covered by the aforesaid provisions and therefore, income arising from the apartment shall continue to be taxable as your income. In case, only a part of the amount is paid, the treatment would remain same. The clubbing provisions would, however, be applicable to the extent of income arising on the amount so paid. It may not be possible for you to claim exemption under Section 54 of the Act as the residential house has to be purchased in the name of the assessee who is liable to pay tax on long-term capital arising on the transfer of a capital asset.
	Get the right certificate for land Q.I have sold agricultural land about 14 km outside the municipal limits of Jalandhar. Which documents should I obtain from the Patwari to obtain exemption from capital gains and for income tax purpose? — Bharat Gill A.It would be advisable to obtain a certificate from Tehsildar certifying that the particular agricultural land (bearing Khasra No. etc.) is situated in a village (indicating its name and district) and is beyond the limits of municipality as well as beyond the limits specified in the notification issued by the government in this regard.
	Hold on to your flat for three years to save tax Q.I was allotted a DDA LIG flat at Rohini, New Delhi in April 2011. The total cost of this flat was Rs 14.70 lakh and a sum of Rs 3 lakh was paid in May 2011, Rs 62,000 were spent on stamping of Conveyance Deed papers in November 2011 and the balance cost of Rs 11.70 lakh was paid in December, 2011. But in the meantime the Circle Rate/Collector Rate of the area was increased and now the value of the flat at new Collector Rate is Rs 25.20 lakh. But I have got offer of Rs 35 lakh for the flat. Now if I sell this flat for this price then how much capital gains tax will I have to pay and how can I avoid paying it? Whether I can make sale deed for the actual amount that I have paid for the flat (14.70 lakh + 62,000) or I can add the cost of renovation? — Raj Gupta A.A capital asset, except shares in a company, held for a period of less than three years is treated as a short-term capital asset. The flat purchased by you was allotted to you in April 2011 and the same had been registered in your favour in November, 2011. The sale of such a flat within three years will result in a short-term capital gain. Such capital gain will be included in your total income and tax thereon would be payable normal slab rate applicable to total income. The options to save tax leviable on capital gain are available in case of long-term capital gain, and therefore, you would not be entitled to exercise any of the options so permitted. It would be advisable to hold the asset for a period of three years. Any profit arising on sale of capital asset held for more than three years would be taxable as a long-term capital gain at a lower rate of tax. You would also have the benefit of indexation as permitted by the provisions of the Act in case of a long term capital gain.
	Loss can be deducted from capital gain Q.I had purchased a 10-marla residential plot on April 8, 2003 for Rs 1,50,000. Out of this I sold 5 marlas for Rs 12 lakh on April 27, 2012. The purchase price of 5 marla comes to Rs 75,000, so kindly tell me how much LTCG will be there after accounting for the index cost? My queries regarding availing of rebate on the LTCG tax of this plot are as under: I have LTCL (long-term capital loss) of Rs 1.05 lakh in shares. Can I deduct this amount from the LTC of the above mentioned plot? I had also sold another plot in Ludhiana for Rs 9.90 lakh on December 20, 2011. I had purchased this plot for Rs 9.90 lakh on December 28, 2007. I have incurred LTCL on this plot. Please tell me if LTC of this plot can be deducted from the LTCG from the first mentioned plot. About the rate of income tax on LTCG, I would like to know whether it will be 10 per cent without index cost or 20 per cent with index cost or only 20 per cent with index cost. To save this LTCG can I purchase another plot or only residential house has to be bought?—R .K Gupta A.The indexed cost of plot on the basis of index applicable for financial year 2011-12 would be Rs 1,27,160. Cost inflation index for financial year 2012-13 is yet to be notified. The indexed cost on that basis would definitely go up. l Long-term capital loss of Rs 1,50,000 incurred on sale of shares of an unlisted company can be adjusted against the long-term capital gain arising on the sale of plot. l Long-term capital loss in respect of another plot will be adjustable against long-term capital gain arising on the sale of plot. l Applicable rate of tax on long-term capital gain in your case would be 20% plus education cess of 3% thereon. l You can save tax on long-term capital gain in case the net consideration is utilised towards purchase or construction of a residential house within the specified period. You can also save tax if the amount of long-term capital gain is invested in the acquisition of tax-saving bonds within six months of the date of sale. l You would not be able to save tax in respect of such a capital gain if the same is utilised for purchasing another plot.
	Can I save tax on short term-capital gain? Q.Kindly clarify my doubts regarding capital gain. Suppose I have a residential house which I purchased in 2006 and the same is sold in October, 2011 for Rs 60 lakh. Its indexed cost would be Rs 30 lakh. The indexed cost of improvement is Rs 10 lakh. I purchase a new house for Rs 25 lakh in December, 2011. This would mean that I have utilised the capital gain of Rs 20 lakh within two years of the sale, and therefore, there would be no tax liability. Further, suppose this new house is sold in April 2012 for Rs 50 lakh. This will result in short-term capital gain of Rs 45 lakh. Can I purchase a new house for Rs 50 lakh to save the tax leviable on short-term capital gain of Rs 45 lakh. —Piyush Singla A. The sale of a new house for Rs 50 lakh will result in a short-term capital gain of Rs 45 lakh as computed by you. This amount would be included in your total income and brought to tax at the applicable slab rates. The Act does not contain any provision whereby tax leviable on short-term capital gain arising on the sale of a short-term capital asset can be saved. You would thus be liable to pay tax on Rs 45 lakh as indicated above.
	launch pad Bhoomi Pujan at Springdale Real estate group Vardhaman Infra Developer Pvt. Ltd has announced its first residential project “Springdale” in Dharuhera, Haryana. The project started with Bhoomi Pujan followed by laying down the foundation stone recently. Speaking about the project, Jaideep Aggarwal, Director, Vardhman Real Estate said “ Daruhera has emerged as one of the prime location after Gurgaon and Maneshar and has huge potential. It offers a promising future for real estate investment, its close proximity to Delhi offering best value for money, and would be a very good option for the investor.” Ikebana in Noida Realty group Gulshan Homz that has developed luxury projects in the NCR region, recently launched Gulshan Ikebana project in Sector-143 Noida (adjacent to Noida-Greater Noida Expressway). The 12.5-acre project will have over 1500 flats. The project has been launched on a basic price of Rs 4150 per sq. ft plus additional charges. The project boasts of world-class amenities from indoor and outdoor games, swimming pool, club-lounge, landscaped gardens, 3-tier security, 100% power backup and many other such facilities.