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area watch: SOLAN
Good tidings for loan takers
Launch pad
RBI’s policy irks realtors
decor trends
Ground Realty
pick of the week
tax tips
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area watch: SOLAN
Witnessing the highest growth rate of 57.26 per cent in Himachal Pradesh, Solan is fast emerging as the most sought after realty destination for people from the nearby plains.
The city has a moderate climate as it is neither too hot in summers nor is it too cold in the winters. This has made Solan a preferred destination for buyers from the nearby Chandigarh, Mohali, Panchkula besides other places in states like Delhi, Punjab and Haryana. Being barely a two-and-a-half hour run from Chandigarh the town also has an advantage of being close to Shimla, and Delhi. Rapid commercial development The demand for housing has picked up with the increased commercialisation in the town after six private and one government-run university started functioning in the periphery of Solan. While pushing up rentals in the town this has lead to renowned brands setting foot in the city. Not only are small and big shopping malls coming up in the city, but various retail groups like Amartex, Value and Variety, Easy Day, etc., have also entered the commercial and retail market here. A number of outlets of top national and international brands are reflecting the change that has come in the buyer profile in this city in the hill state. With a large number of students and youngsters in the area due to the educational institutions here, the demand for branded items, no doubt, is burgeoning. With a high level of floating population comprising students and those having jobs here, the town has also seen the advent of branded eateries like the McDonald's making a foray here. Inquiries by many other brands are also received by the realtors who expect the town to fare high on business in the near future. The flip side But this retail and commercial boom has not come without any riders. By and large all this development has come about in a haphazard manner. This haphazard development has become a sore point for the city as the lack of planning due to paucity of space and gap between the demand and supply has led to ribbon-like development along all the major roads. Though the town's development plan was approved in 2004 and it had clearly laid down the condition of reserving at least 10 to 15 per cent of the area as open green space, the large scale commercialisation has thrown this plan out of gear. While accepting the constraints in development an official said, "Best planning can be achieved when we acquire huge chunks of land as is done in cities like Gurgaon, and then distribute it as per the plan. But that has not been the case here and as result we now have serious environment concerns." Scores of buildings have come up flouting various norms, including the lack of provision for parking, setbacks, construction of four to five storey high buildings in violation of the permissible three plus one designated for parking floors. Not only this, the mix-land use, which includes having the hazardous waste-emitting pharmaceutical units and residential blocks in the same building, are also common in Solan. Not only this, the high demand for flats and apartments here has led various local builders to raise flats on whatever land was available. This has reduced the town to just a concrete jungle with inadequate green cover. The price factor The property rates, however, have skyrocketed over the past few years. A modest three-bedroom flat that was available for approximately Rs 15 lakh a decade ago, now costs anything between Rs 25 lakh to Rs 35 lakh, says local builder Pawan Gupta. He adds that flats were selling at anything between Rs 2,000 and Rs 2,500 per sq feet in Solan city while the areas in the periphery commanded higher rates. Like other hill stations the demand for cosy cottages is also overwhelming here among those looking for a second home in serene environs. Amarnath Aggrawal Builders have explored this idea and constructed cottages on the Solan-Sabathu road. Nearly 1,000 2 and 3 BHK flats have come up in the city. "The beginning of tourist season is usually also the time when bookings for flats begin", confides a realtor while adding that, "Buyers are typically on the lookout for a summer house where they can escape from the summer heat of the plains." Interestingly, a large number of these flats are owned by outsiders (non-Himachalis) who stay away for most part of the year. Hence security is the prime concern of the owners. PROPERTY PEEK Price `/sq m Residential property Plots Shamti — 20,000 Sabathu — 15,000 Kather bypass — 30,000 Salogra — 20,000- 25,000
Independent cottages (measuring 1500-2000 sq m) Rs 80 lakh — Rs 1 crore
Commercial space Mall Road 80 lakh — 90 lakh for 200 sq ft
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SBI’s rate cut comes in the wake of the RBI effecting a one percentage point cut in the statutory liquidity ratio on Tuesday. The SLR cut will allow banks the cushion of additional liquidity. This has made India’s largest bank to cut home loans by up to 0.60 percentage points. The interest rate on home loans up to Rs 30 lakh will be 10.25 per cent (10.50 per cent earlier). On home loans beyond Rs 30 lakh and up to Rs 75 lakh, the bank will charge 10.40 per cent interest (10.75 per cent). The interest rate on home loans beyond Rs 75 lakh will be 10.40 per cent. HDFC Ltd has already started the process of reducing the home loan interest rates for the existing customers to the rate being offered to new customers. However, the existing customers wanting to switch over to this option will have to pay a nominal one-time charge. The SBI has also launched a similar scheme for its existing home loan customers. This scheme will help a third of its home loan customers by bringing down interest payments by as much as two percentage points, or a gain of about Rs 6,000 a month on a 20-year, Rs 50-lakh mortgage. Conversely, it could bring down the tenor by a few years. In a move that will promote affordable finance for low income group dwellings in urban areas, the housing finance industry regulator, National Housing Bank (NHB) has also slashed interest rate up to 1 per cent on refinance to banks and housing finance companies. NHB has announced a 0.75 to 1 per cent reduction in its rates under this special refinance scheme. Refinance will be extended for tenures ranging between 5 and 15 years at fixed rates. Interest rates on NHB’s refinance would be 9 per cent against the existing 10 per cent for loans up to Rs 2 lakh. For loans between Rs 2-5 lakh, the rate would be 0.75 per cent lower at 9.25 per cent. The regulator said the primary lending institutions were expected to pass on the benefit to the ultimate borrowers by extending housing loans for longer tenure at lower fixed rates. — S.C. Dhall
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Launch pad
SG Grand in Raj Nagar Extension SG Estates Limited has launched an affordable luxury residential project “SG Grand” at Raj Nagar Extension, Ghaziabad, recently. The project that is well connected to Delhi & Noida, Metro and Rapid Rail Transit System (RRTS) will have Earthquake resistance structure. SG Grand has 2, 3 and 4 BHK. The apartments will offer a choice of homes starting from 830 sq. ft. Vedic Suits Vardhman Estate and Developer (P) Ltd recently launched Vedic Suits project in Greater Noida. It is located near Pari Chowk, KP-V, in Greater Noida. Speaking at the launch Ms Sonika Khurana, Planning Head and Spokesperson of Vardhman, said, “The changing lifestyle of metros has created a demand for something new among the buyers/investors. In KP III there are many commercial projects and thus we feel there is a market for a ready-to-move-in living space which offers all the modern facilities to the buyers so we have launched Vedic Suits which is a fully furnished studio apartment project.” Avalon Royal Park at Bhiwadi Realty firm Avalon Group will invest about Rs 250 crore to develop a housing project at Bhiwadi in Rajasthan. The Gurgaon-based company will develop 1,100 flats in the 15-acre project ‘Avalon Royal Park’. “We are launching a group housing project in Bhiwadi at an average price of Rs 2,500 per sq ft,” Avalon Group Director Ajay Aggarwal said while announcing the launch of the project last week. The size of the apartments would vary from 1,250 sq ft to 2,800 sq ft. Aggarwal said the investment in this project would be about Rs 250 crore and the company expected a sales realisation of Rs 400 crore over the next four years. Avalon is developing several other housing and commercial projects at Dharuhera and Bhiwadi. — As per information provided by the developers
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Real estate firms and property consultants have expressed disappointment over RBI’s recent decision to keep rates unchanged and said the sector urgently needs cut in interest rates to boost housing demand.
“There is once again disappointment. There was no change in the rates in previous policy announcement and the real estate sector was expecting a rate cut this time,” said Lalit Jain, President of the apex realtors’ body CREDAI. “We don’t see any positive policies from government which will boost the real estate sector and economy as well,” he added. Property consultant CBRE South Asia Chairman and Managing Director Anshuman Magazine said: “The RBI’s decision to keep the rates unchanged is very disappointing. The real estate market direly needed a rate cut to boost investor sentiment.” The realty sector is the growth-engine of the nation’s economy, but it seems the sector does not figure in RBI’s policies at all, Magazine added. Cushman & Wakefield Executive Managing Director, South Asia Sanjay Dutt said RBI maintaining status quo on policy front is not a positive news for home buyers and developers. “For the housing sector, this may not be a very positive news as end-users, who have been postponing their purchase decision on account of still high inflation and high interest rates, cannot expect any relief in the near future,” Dutt said. The outlook for the sector remains cautious as persistent high inflation rates are keeping construction costs up, which are not expected to come down in the near future, Dutt added. Expressing displeasure over RBI’s decision, M3M, Head-Finance Gaurav Jain said: “We expected some rate cuts from the first quarter review by RBI, however, RBI kept the key rates unchanged. We need to understand that the inflation today is not due to high demand, but supply constraints which lead to continuous increase in the input costs, including the cost of funds,” Jain added. CHD Developers Managing Director Gaurav Mittal said the growth of the real estate sector would be fuelled only by a rate cut. “We hope Reserve Bank will take cognizance of this fact and we will see a rate cut in the next policy,” Mittal added.
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decor trends
With space having become a luxury, the craving to a have a ‘place’ that resonates in perfect harmony with one’s lifestyle has become even more compelling in the current scenario.
Often called the heart of a house, bedroom is one place where senses get rejuvenated and worries melt away. Various elements, styles and trends go into making the bedroom a perfect personal space. Although new trends in bedroom design often echo those in the fashion world, a careful selection of colours, textures finishes and materials can add character and individuality to a room that is a haven for comfort and serenity. Talking about how bedrooms have suddenly become a crucial part of the home décor, garnering as much attention as the living rooms, Sachin Sehgal, Director, Studio a+i, a New Delhi-based interior designing firm, says, “Earlier with limited resources experimentation of interior design was mostly confined to the living room. However, with the changing times and rising income levels, the demand for luxury living and style has risen tremendously and this desire is reflected in bedrooms being viewed as exclusive zones of comfort and luxury.” However, an important aspect that is often missed by home dwellers is that a fine balance between aesthetics and functionality should be maintained as it can make any space more conducive to the flow of positivity. “A bedroom must cater to the basic human needs such as enough natural light and good ventilation, and at the same time incorporate elements to create an aesthetically superior ambience,” adds Sehgal. A mélange of ideas As bedroom is the second place after workspace where one spends the maximum time in a day, it becomes the only ‘personal space’ where one can feel at home. Suggesting ways to dish up an eclectic mix, Sehgal says, “A surefire way to achieve a highly personal bedroom is to create uniqueness by cleverly mixing styles and periods. For example a sleek contemporary dresser topped with a beautiful Venetian mirror will not only enliven the room but would also exemplify style and capture uniqueness.” The right use of various elements and style reflects good taste and artistic sense. Colourful hues Colour being the most important aspect in bedroom décor, sets the pace for the drama to unfold and plays a key role in creating the desired mood. Choosing the right colour is half the battle won. If it is the ‘easy-on-the-eye feel’ that you desire, then pastels are the right shades for you. Pastel shades not only soothe the senses but also allow for a more meditative atmosphere. In order to make the space more inviting, energetic and fresh, a range of electric colours can be splashed across the walls setting cheerful tones. One can even use colour selectively to create an illusion of space. Bed bliss Another vital aspect of bedroom decor is the choice of furniture. A huge variety of beds available in the market today promise ultimate comfort and unmatched quality. An ottoman can be cleverly placed at the base of the bed and it can further double up as a storage space. The bed headrest should be comfortable, especially if you prefer to read in the bed. The headboard being the most important feature of a bed together with its shape and size can totally transform the overall look of a room. According to S.K Malhotra, Director, Sales & Marketing, Springfit, “A wall-mounted headboard allows the mattress to sit underneath without creating a gap between the mattress and the wall. One should opt for straight headboards clad in leather and fabric as these not only work better than wood but also lend a more spacious look to the bedroom. Changing headboard is also a fun way to change the entire look of the bedroom without spending a fortune.” Mattress magic It is well known that good sleep is integral to having a refreshed mind. Therefore, a good mattress is indispensable to a comfortable bedroom. Interestingly, the trend of selecting quality and medically approved mattresses such as spring or memory foam rather than coir or simple foam mattress has caught the fancy of the new age health-conscious customers, says Ashok Sharma, CEO and Director Spring Air India. “The foremost role of a mattress is to provide ultimate comfort and superior body support. A good mattress is like a good doctor. A mattress should provide equal distribution of body weight and pressure. Very hard or very soft mattresses with unequal pressure can disturb sleep and cause pain and stiffness, so a mattress must be chosen very carefully,” he adds. Orthopedic or Europedic mattresses are also being preferred nowadays to get that luxurious sleeping experience. Funk and punch Several other ways can be employed to make the bedroom a reflection of one’s personality. Bringing in new accessories such as aromatic candles, unique artifacts, adding plenty of photographs or re-upholstering traditional chairs in contemporary fabric can give the room an eclectic punch. Carpets and rugs can also be used to add a splash of colour to the bedroom. Flooring available in different shades and textures such as bamboo, laminate, linoleum or wooden can be chosen depending on the type of style and design that one envisages for the room. Painting furniture bought from the flea market in bright colours or metallic finishes can also add oodles of funk to the entire setup. Using fresh linen, fancy bolsters and curtains or blinds that go with the décor of the room are other things to consider. Market mantra Having witnessed an upsurge in home décor interiors in the past few years, the market is brimming with products that provide stylish solutions at affordable prices. As Sehgal puts it, “Doing up the bedroom doesn’t have to cost a fortune. It just has to represent what one wants from the room.” The availability of accessories and decorative items at furnishing stores such as Home Town, Home Store, Evok, @Home has led to home decor items gaining a wider base. With items such as vases, designer candles and candle holders, trendy lamps, cushions and throws in rich fabrics, decorative boxes, beautiful mirrors, photo frames etc, people now have a chance to turn their bedrooms into more inviting and cozy places to be in. Ideas that work
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Ground Realty What to look for? Four factors should be kept in mind while selecting the wood for your house. Variety The woods used these days are: Teak, Deodar, Sal, Kail, Hollock, Champ, Tahli, Chir, Red Meranty, Yellow Meranty, Pine, Mango, Ivory Coast, Maple, White Ash, Steam Beach, White Cedar, Burma Teak, Rose Wood, Sudan Teak and a few others. Among these, teak further has a few varieties like MP teak, CP teak, Panama teak and Burma teak. MP teak, undoubtedly, is the best. It is also called Nagpur teak. But it has become very costly and has gone beyond the reach of a common man. One has to, therefore, make a choice from the rest of varieties keeping one’s budget in view. Technical classification Technically, wood is classified into four categories, called a, b, c and d. Category ‘a’ wood is of the best quality. Teak falls under this category. Deodar wood falls in ‘b’ category. It also has become very costly and is hardly available these days due to a complete ban on the felling of deodar trees in HP and J & K. All hard woods other than teak, also called non-coniferous woods or hard woods are placed under ‘c’ category. And coniferous woods or soft woods fall in ‘d’ category. Woods under ‘c’ category are used the most these days. Teak MP or Nagpur teak further has three grades. These are Superior grade, First grade and Second grade. It is difficult for a common man to judge the grade of teak wood and one has to rely on the dealer’s word. CP teak means Central Province teak. Its quality is slightly inferior to that of the MP teak. Both these woods occupy the top bracket in the wood quality. Burma teak is an imported wood and that is why it costs more than even MP teak. If one can afford to buy any of these teak woods and gets a genuine lot then he has made the best deal for his house. African connection Ban on deforestation has resulted in non-availability of good quality wood in India. These days, most of the wood used in houses is imported from the African countries. The wood imported from the Ivory Coast, a country on the South coast of West Africa, is known as Ivory Coast wood or ivory teak. The last decade has seen its extensive use in housing in India. Now, the produce from country almost stands exhausted and the focus has shifted to Sudan. Wood imported from Sudan is called Sudan teak. Both, Ivory teak and Sudan wood are hard woods and are quite suitable for use in homes if the lot purchased is ensured to be of good quality. Other imports Meranty, Champ, Sal and Arau are the varieties imported from Malaysia. Pine wood and White Ash wood are imported from Denmark. White and Red Oak is imported from Australia. Pine wood is imported from Australia also. There are other woods imported from USA, Canada and Nepal. But while buying it is better to restrict one’s choice to the tested and known few. The cost factor Burma teak costs about Rs 2,700 per cubic foot these days. MP teak costs Rs 2,500 to Rs 2,700 per cft. CP teak costs Rs 2,200 per cft. Ivory Coast and Sudan teak are in the range of Rs 1,800 to Rs 2,100 per cft. Champ and Hollock wood cost around Rs 1,400 per cft. The cost is not fixed and varies depending upon the size and length of logs or sleepers and the quality of the lot. Additional costs There are a few additional costs which should be sorted out with the supplier before finalising the deal. In addition to the cost of wood, cost of sawing the logs or sleepers into the required sizes is charged by the supplier. Normally, this cost is Rs 15 to Rs 20 per cubic foot. Then there are loading, unloading and transportation charges. Whether the taxes are included or not in the rate finalised should also be decided. The tax imposed is 12.5 per cent and it raises the per cft cost considerably. The size matters The bigger the size or diameter of the sleeper or log, the better is the quality of the wood. The price also depends on the length of the logs and sleepers as the longer ones cost more. The suppliers classify different-sized sleepers of the same wood and charge different rates for them. Bigger size means more age of the wood and more rings in it. Such a wood has least percentage of white and soft wood in it. The size of a wooden log is represented by its circumference. A ‘51 up’ wood log means the one having a circumference of more than 51 inches. Size & size Two types of sizes are involved while buying wood. One is the size of the wooden logs or sleepers which are noted to determine the quantity of wood purchased. The other is the size required by the buyer as per the sections and size of doors and windows of his house. Ask your architect to work out the cut-sizes required to manufacture the doors and windows. Take these sizes to the supplier. From these cut sizes, his man shall work out the size of sleepers or logs required by you so that minimum wastage of wood is caused. Physical features While selecting the logs or sleepers, see that the selected pieces are dark in colour, having minimum of whitish wood in them. Also see that these have no knots or cracks in them. No sap should be coming out of any log nor should any worm holes be visible in the wood. Try to smell the wood. It should smell sweet. The grains should be straight and distinctly visible.
Measurement The measurement of the quantity of wood purchased should be done very carefully. All logs or sleepers should be numbered. The length, breadth and thickness of each sleeper should be carefully noted. In case of logs, their circumference at minimum girth point and the length should be noted. While the supplier’s man takes note of the measurements, buyer’s man should separately note all the measurements. Later, the two sets of measurements should be compared and differences, if any, should be sorted out by re-measurement.
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pick of the week
Functional simplicity
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tax tips
A.Section 54EC of the Income-Tax Act 1961 (the Act), provides for the exemption of capital gains from taxability in case bonds specified in the said section are purchased within six months of the date of transfer of a capital asset. The Section specifically prohibits the transfer of such bonds within a period of three years from the date of purchase of such bonds. It has also been provided in the said Section that even taking a loan on the security of bonds or otherwise converting these bonds into money within three years from the date of purchase of the bonds would be construed as transfer of the bonds. Therefore, I would not advise you to take the step of tendering these bonds to bankers as a security for obtaining the loan. In case of such deemed transfer of the bonds within a period of three years, the exempted capital gain will become taxable as long-term gain in the year in which these bonds are deemed to have been transferred.
Date of possession relevant for assessing tax Q.I was allotted a plot by the Haryana Housing board for which I paid the full amount in 1996 in annual installments. The possession of the plot was given to me in 1999. But I got it registered in July, 2011. My query is: If I sell the plot now then will it amount to short-term or long-term gains, and what if I invest the proceeds in purchasing a residential house? I do not have any other residential house. A.You have stated in the query that the possession of the plot was taken in 1999. Therefore, for the purpose of ascertaining the period of holding, the date of possession would be relevant and such period would be counted from the date of possession. On the basis of the facts in the query, the capital gain arising on sale of plot will be treated as a long-term capital gain. I do hope you have the necessary evidence to prove that the possession of the plot was taken by you in 1999. You would be entitled to claim the benefit under Section 54F of the Act in case the net consideration accruing or received by you on the sale of the plot is utilised for purchase of a residential house within one year before or two years after the date of sale of the plot. Net consideration for above purpose means the amount of consideration accruing or received by an assessee on sale of plot, less the expenditure, if any, incurred wholly and exclusively in connection with the sale of the plot.
Are there any special exemptions for senior citizens?
A.Your queries are replied hereunder:
Capital gain: Judicial opinion favours assessee
A.The judicial opinion differs with regard to the treatment of the capital gain arising on the transfer of immovable property where possession has been taken within a period of three years of the date of transfer but the allotment had been made much earlier than the handing over of the possession. In your case the possession has been handed over as per the records of the Housing Board and it would be difficult to contest that no possession had been handed over to you. There are decisions supporting both the views. You should claim that the capital gain earned beyond three years of the date of allotment but within three years of the
loan zone Q. Why do the loan disbursing companies need bank statements? What are they going to look at in bank statements? I have an overdraft fee showing in my statement though I'm not over drafted anymore. Will this affect my loan approval? A.The banks want to see that you have a regular source of income or if your wages are not credited to you account automatically then will you be able to deposit EMIs regularly. Seeing how much goes in regularly helps them assess your ability to repay the home loan too as mortgage payments tend to be your biggest expense. If the bank statements include statements on loans, they want to see that these are being paid regularly too. Having overdraft facilities, even though these are not being used currently should be a positive point. The fees paid with no penalties showing, puts you in a good light. Your credit score is fine. I think you have nothing to worry about.
Q.How should I choose an appropriate loan duration or period? A. The loan duration that you choose has a direct impact on the equated monthly installments (EMI) or monthly payments you have to make for the loan as well as how much interest you will pay for the loan over its tenure. The longer the loan duration, the smaller the EMI and the larger the total interest you have to pay for the same loan amount and interest rate. Conversely, the shorter the loan duration, the larger the EMI and smaller the total interest you pay for the loan. The total interest you pay over the loan period is a cost to you for taking the loan and one of the goals of choosing loan duration should be to minimise it. So you have to choose a duration based on how much you can afford to pay as EMI each month based on your income and financial situation, while trying to minimise how much you would pay as the total interest over the loan period
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The State Bank of India’s decision to cut home loan rates may trigger a rate war among banks to attract retail customers as loans to industry have slackened.
Adarsh Build Estate Ltd. (ABL) recently announced the launch of a premium high-rise residential project on Shipra Path, Mansarovar, Jaipur. The group housing project spread over around 1.5 acres with built-up area of 6 lakh sq.ft. has been christened “Sky Terraces”. Located on main Shipra Path & VT Road corner it is being touted as the first tallest building located in the heart of city, having best infrastructure development in the vicinity. Mansarovar is Asia’s largest colony. The 24-storey project will have parking at lower and upper basement, lower and upper ground floor and first floor. The lower and upper ground floor will also have showrooms and first floor will have a club house. The apartments in the project will start from second floor onwards with penthouses (duplex) available on the 23rd floor. Talking about the need to have high rises in the city, Manish Chaudhary, director, ABL, said, “Jaipur is a tourist destination and thus there is a need to give this city the look of an international city and as the population is growing high rises are an answer to properly utilise the available space.”
The selection of good quality wood at affordable rates is one of the biggest concerns of a home builder right from the day one of construction. Wood has become extremely costly these days and to add further to the woes of a buyer, hundreds of varieties of wood are available in the market. A house builder often finds himself at sea when it comes to choosing the right variety as to a layman all varieties appear to be the same. The main concern in such a situation is that even after paying through one’s nose one is not sure of having got the right wood. Here are some guidelines which may help the house builder in making the right selection:
With vinyl flooring solutions proving to be more resilient and cost effective, Ego floorings has launched vinyl flooring solutions in India. The group has entered into an exclusive tie up with IVC group from Belgium and Gamrat from Poland for marketing and distribution in India. Versatile, low maintenance and stain resistant, the vinyl floor coverings are available in homogenous and heterogeneous patterns. While the homogeneous variety consists of a single layer, the heterogeneous range offers multiple layers and patterns. Available in a host of colours and patterns, the vinyl options are a good choice for high moisture spaces such as laboratories, kitchens and bathrooms. The price of the Club range is Rs 110 per sq.ft., whereas Canvas comes at a price of Rs 185 per sq.ft. The price of the homogeneous range (Gamrat from Poland) is Rs 120 - 220 per sq.ft.
QUEO from the house of bespoke European bathware designers, Barwood UK has entered the Indian market. Imported and marketed in India by HSIL Limited, the F-50 series is designed by reputed Italian Designer Federico Tombolini whose signature style showcases strong Bauhaus influence of unifying art, craft and technology. The Bauhaus style is marked by its absence of ornament and ostentatious facades. And, true to his forte, Federico's F - 50 ranges highlight the alluring edges with minimalistic curves in this collection. With a price range beginning from 40,000, the F-50 range constitutes of wall-mounting closets, over-the-counter basins, in-wall basin mixers and chic faucets complimented by intelligent technology within for comfort and pleasure of use.
Q.I sold a plot in March 2012 and after taking into account the indexation benefit, long-term capital gain of Rs 12 lakh has been worked out. I have already purchased the requisite tax-saving bonds in June 2012, which is within the period of six months of the date of transfer of the plot. But now I am in need of some money. Can I borrow from bank by tendering these bonds as a security for obtaining a loan? Will it have any effect on the taxability of the capital gain earned on the sale of the plot about which I have sought an exemption? —
Rakesh puri
Q.I have taken a loan of Rs 36 lakh from UCO Bank by mortgaging a residential house. With this loan, I have purchased a commercial property in an auction in Chandigarh and the money has since been paid to authorities. I have the following queries:
Q.I was allotted a plot by the Housing Board in 1991 for which I have already made the full payment and the board has given me paper possession, but I have yet not taken the physical possession. The property has not been registered in my name also. Please let me know that in case I sell the same now and purchase some other plot or house from the sale proceeds, will I be liable to pay capital gains tax.