REAL ESTATE |
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Waterloo for Gurgaon realty?
Noida Extn buyers not to pay more
Costly oversight
state of realty
launch pad
decor trends
Go for native ‘beauty’
Green house
tax tips Should my daughter file IT return? Is it necessary to get flat registered in my name? Earnest money issue
REALTY GUIDE
Gifting option
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Waterloo for Gurgaon realty?
Banker Raj Jaggi is both delighted and hopeful that Gurgaon’s water woes will soon be over. And he has a good reason to feel happy given the fact that Punjab and Haryana High Court has restrained the Haryana Urban Development Authority (HUDA) from issuing new licences to developers in Gurgaon unless they give an undertaking that groundwater would not be used for construction work.
The court passed this judgement to resolve the water crisis in Gurgaon. There are more than 100 mid and large-size projects under-construction in the Gurgaon-Manesar region. With the master plan for Sohna and a draft master plan for Pataudi ready, these figures are expected to double in the near future. The HC order may put brakes on the rapid urbanisation which far outpaces the infrastructural development in the area. While the judgement was welcomed by those who had suffered the water scarcity this summer, there has been a mixed response by realtors. Voicing his concern Ajay Agarwal, director of Avalon Group, said, “While it is too early to foresee the possible outcome of the court order, I fear that an already sluggish realty market would further slowdown in the wake of this court order.” Parched reality Water scarcity has been a burning issue in Gurgaon with residents launching a signature campaign recently to highlight the problem. The campaign was undertaken to put pressure on the ministry of water resources to construct Lakhwar, Kesao and Renuka dams on Yamuna, Tons and Giri, respectively. The dams will help in augmentation of water in the Tajewala Barrage throughout the year and supply adequate water to the western Yamuna canal to feed south Haryana, including Gurgaon. Even though Gurgaon has emerged as one of the most prominent cities of the NCR, the residents face serious water crisis. Almost 25,000 families in nearly a dozen societies who remained “thirsty” for two weeks in June as a technical snag at Sector 16 water pumping station rendered two motor pumps non-functional and disrupted the water supply. “The water supply is badly affected in DLF City and its adjoining localities. It requires almost 45.4 million litres of water per day (MLD) but the supply is as low as 25 MLD. Residents are dependent on water tankers, which cost up to Rs 1,000. The hectic construction activity has contributed to this crisis in a big way. It is alleged that builders in Gurgaon illegally extract as much as 50 million gallons per day (MGD) for construction. This has severely ‘drained’ the water table in the area. “Water scarcity has been a perennial problem in Gurgaon with no signs of solution in the immediate future,” said R.S Rathee, president of the Gurgaon Citizens Council (GCC), which has launched the campaign. Gurgaon and south Haryana receive water from the western Yamuna canal, the capacity of which is 13,000 cusec. During the rainy season, the canal is filled to capacity, but it hardly receives 2,000-3,000 cusecs during the remaining months. Of this, 600 cusec is supplied to Delhi. Experts say that constructing dams will save Yamuna water, which goes waste during the rainy season. This water can be stored and diverted to the western canal, which could supply water to south Haryana. Tough time for home buyers Meanwhile, reacting to the High Court verdict, businessman Naresh Bhalla said though it was a welcome decision, home buyers may be hit ultimately as realty firms may delay their projects. Bhalla has also booked a flat in a project of a well-known realty firm here. The court has not only barred licences for new constructions, but the renewal of licences for old projects has also been stayed. The ongoing constructions are also under the scanner. This strengthens the ambit of similar strictures issued earlier by the Supreme Court. On an average the city sees six new launch announcements each month. “I really feel bad that due to some black sheep among us, we face all kinds of bad publicity” says Nazma Alimuddin, Director of ILD Group, which has some residential and commercial projects in Gurgaon. “I fear that unless the authorities make some alternative arrangements for realty firms, it may not be possible to complete the projects in time,” a senior official of a realty firm said. Experts also maintain that the due to the court ruling, all those who have invested their hard-earned money to own a flat may have to bear an escalation in cost. Transporting huge quantities of water from distant locations for construction activities means astronomical amounts. Unlike neighbouring Delhi, which was built from Yamuna waters, Gurgaon doesn’t have a river. It is important to understand that groundwater depletion today is a classical case of ‘tragedy of the commons’. As there is no resource ownership, it is dependent on rules of capture; there is no will to conserve it for future use. Thus there has been a steep decline in groundwater in these regions. Though there is natural replenishment of groundwater, it has not been able to keep pace with its extraction. There is, therefore, a need to artificially replenish groundwater through human intervention like rain water harvesting etc. “I accept the fact that most of the realty firm failed to implement water harvesting system in their projects. They must understand that unless they opt for rain water harvesting, they would not able to solve the problem of water in their projects,” says Sanjay Khanna, Director of Kailash Nath Projects Pvt Ltd. In the end, Nuzhat Alim suggests that both realty firms and customers should take responsibility so that water harvesting systems are made operational. It is not wise to put the onus on builders alone, the residents, too, have to be equally responsible.
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Noida Extn buyers not to pay more After being dogged by uncertainty for over a year, the home buyers in Noida Extension area can heave a sigh of relief as realtors’ body CREDAI announced earlier this week that its members would not charge any extra money from the existing home buyers in the area.
“We have decided not to charge any extra money from the existing buyers,” Amrapali Chairman and Managing Director Anil Sharma said. Sharma is a member of CREDAI’s Western UP chapter. The response of CREDAI comes after Noida Extension Flat Owners Welfare Association (NEFOWA) had last week refused to pay the hike in rate as was being proposed by various firms. In Noida Extension, about 2.5 lakh homes were being developed by some prominent developers like Amrapali and Gaursons among others. Nearly 1.5 lakh flats have already been sold. The Allahabad High Court had stayed construction in Noida Extension, which is a part of Greater Noida, and directed the Greater Noida Authority to seek approval of its Draft plan from the NCR Planning Board. The board gave its nod to the Draft Master Plan for Greater Noida —2021 on August 24. But there were indications that the builders would hike the cost of apartments to offset their financial liabilities.
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A main reason for the failure to implement rainwater harvesting system to solve water problem in NCR was that the members of Delhi Municipal Corporation hardly spent their money to ensure that rainwater harvesting systems were installed in their areas. The unified Municipal Corporation of Delhi in its last budget had set aside Rs 5 crore for the project, to be implemented ward-wise.
The idea was to create several catchment areas so that the water table could rise in all zones under the civic body. But it turns out that only one councillor out of 272 took up the project in his area. The Capital’s water demand is 1,100 million gallons a day (MGD), of which the Delhi Jal Board said it provides around 830 MGD. According to the NGO Forum of Organised Resource Conservation and Enhancement (Force), Delhi receives 900 billion litres of rainfall every year. Experts are of the view that if this project had been implemented properly, the MCD would have conserved around 300 billion litres of water. This amount of water can recharge the water table by around 2 m in a year. “Delhi doesn’t need to look to Haryana for water. Enough is available within its boundaries.” “If corporators are spending money on fancy lights in parks when they should have made the rainwater harvesting project their priority, it shows they are in the dark about the city’s needs. But perhaps it is easier to make money with fancy lights,” said information commissioner Shailesh Gandhi, who had ordered the unified MCD to erect boards in each ward for funds spent from councillors’ funds in a bid to bring in more transparency.
Mounting
demand It is believed that for a population of 20 lakh, Gurgaon’s daily water demand is 200 million gallons per day (MGD). While 50MGD flows from civic taps, the remaining 150MGD is extracted from the ground by digging borewells. According to one estimate, there are over 30,000 borewells in Gurgaon district.
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state of realty
The plans of over 60 builders and developers to sell flats and cottages in in Himachal Pradesh have faced a major setback.
The developers include DLF, Janta Land Promoter Ltd, Omaxe Construction Pvt Ltd, Optima Construction Pvt Ltd, Amar Nath Aggarwal Builders Pvt Ltd and Surya Builders. Town and Country Planning Minister Mohinder Singh’s demand in had asked the state Assembly in August to repeal the Himachal Pradesh Apartment and Property Regulation Act, 2005 and this has led to the current situation. According to the minister, a new comprehensive legislation would be introduced for urban development and regional planning. “Until such time that the new law is enacted, no registrations, essentiality certificates and licences are to be issued (to the realtors) or renewed under the Act with immediate effect,” he had said. The apartment Act was brought into place by the previous Congress government and enables builders to construct and sell flats in various categories. Mohinder Singh told IANS that no new registrations of flats or cottages being constructed by private builders would be done till the new Act came into force. They had earlier been permitted to build houses under the apartment Act. Even the transfer of flats constructed by state-run Himachal Pradesh Urban Development Authority (HIMUDA) has been halted. “However, properties that had been registered on or before August 29 will be considered valid transactions,” the minister added. Officials said the government had allowed over 60 realtors to construct apartments, cottages and dwelling units across the state after the apartment Act came into effect. Most of these are in Shimla and Solan districts. Unhappy over the move, the representatives of builders maintain that the real estate business will virtually come to a halt with the moratorium on property transactions. They say more than 1,000 apartments and cottages, which are nearing completion, are awaiting transfer in the name of the buyers. “What is our fault? We got the permission from the government to constructs cottages. Now when the construction is almost complete, the government has imposed a ban on property transaction. It's totally unjust,” said a builder who is setting up cottages in Kasauli. Another realtor said the reality business would remain stagnant for over a year as the tenure of the present BJP government will end in December. “Till the new Act comes into being, the property transactions will remain at a standstill,” he added. “The government can now bring an ordinance to provide relief to the buyers and sellers by allowing them to get their properties registered,” a senior official of the Town and Country Planning Department said. Mohinder Singh said the decision to repeal the Act had been taken on the basis of the recommendation of the select committee of the Assembly as well as a judicial commission. — IANS
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launch pad
Ansal API group recently launched ‘Paradise Crystal’ Towers in Greater Noida. The project is a part of the 2,504- acre hi-tech township Sushant Megapolis. Paradise Crystal will have 2BHK homes of 1,060 sq ft and 1,315 sq ft in G+ 13-floor towers. The basic sale price is Rs 2,300 per sq ft and the cost of the homes ranges from Rs 24 to 30 lakh plus additional charges. Mystic Mountain in Almora HCorp Realty Pvt. Ltd. through its subsidiary group company, Blaze Conbuild, is offering first-of-its-kind opportunity to own customised cottages in Almora, Uttarakhand. The project called ‘Mystic Mountain’, is around 25 km from Mukteshwar. It is the first such project in the area offering options of individual plots and customised luxury cottages of various sizes. The options available in the project are 200 sq. yd. and 300 sq. yd. plots with a price tag of Rs 15.5 lakh and Rs 20 lakh, respectively. Buyers will also have an option to get customised luxury cottages built. The project, where possession will be given in six months, also offers an assured return scheme with Rs 22,50,000 for 300 sq. yd. on assured return of 13 per cent for 12 months. Rs 25-cr food court in CHD City, Karnal The Bhoomi Pujan of Karnal’s first Food Court ‘Daana Paani’ was organised at the CHD City recently. The food court spread over an area of 2.26 acres will be built over 50,000 sq ft on two levels, and will house some of the best known food brands. It will be a one-stop food destination for consumers. A part of the CHD City, the food court will cost around Rs 25 crore. CHD City is the first integrated township of its kind in the area. Help on web Real estate portal, IndiaProperty.com, has launched a web portal guide ‘Ask Indiaproperty’ for the benefit of customers/portal visitors seeking related information and guidance on investing in property. Ask Indiaproperty is an open forum where anyone can post property-related queries, and get expert answers for the same. Along with this, the company has also added a new feature called “Call-n-List” wherein anyone wanting to sell/rent property can just call a toll-free number to register their property details with the customer care executive and their property listing will be online in minutes. — Based on information provided by the developers
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Immerse yourself in luxury
sapna aggarwal Bathrooms have come a long way from the tiny, dingy little cubicles that our ancestors rushed in and out of as fast as they could. Spending any thought or money on doing up these rooms was considered a sheer wastage until very recently. Bathrooms are increasingly becoming a focus in homes and the importance of the right bathroom suites and bathroom furniture is key to creating a well designed and welcoming environment to prepare for the day ahead or relax after a stressful one. As such, badly designed and poorly decorated bathrooms are becoming a thing of the past as homeowners are beginning to design bespoke bathroom suites that are perfect for their lifestyle.
The bathrooms of today are different in quality and style - ranging from the practical to luxurious. Every individual's idea of luxury differs, as do the features they would like to include in their bathrooms. The possibilities are endless :His and Hers wash-basins, bidets, Jacuzzis with underwater lighting and adjustable slide jets with an option of water, heated air or both, sauna, steam bath ,whirlpool or a reading nook with bookshelves and two comfy chairs! Then there are bathrooms located in a secluded corner of the house beside a glass wall that brings the outdoors within. Luxury at its best… Five-star luxury is all about how you feel - a warm and inviting bathroom is a great place to start. Stepping into a warm bathroom first thing in the morning is a great way to start your day. The warmth underfoot really makes a difference — especially if you have tile or stone flooring. The process of achieving this creature comfort is not complicated. Electric floor warming systems can be easily installed in cement under ceramic tiles and stone floors by your local tile contractor. FOG-FREE MIRRORS Have you ever had the frustrating experience of stepping out of the shower only to find a steamed up mirror? You are not alone. The electric bathroom mirror defogger solves this problem and enhances the bath and shower experience, not only in hotels and fitness centers but also at home. These simple and affordable steam-free systems can be installed conveniently behind any fixed mirror. TOWEL WARMERS Wrap yourself in a warm, comfortable towel. There are great varieties of models and sizes. And the best part is that towel warmers are very energy efficient and safe to use in any environment and because of these advantages, many people planning to remodel their bathrooms are considering installing a towel warmer. BATH SCREENS Whether you’re looking for an extra touch of class or an illusion of space, here are the reasons why bathroom screens are a wiser choice than a shower curtain. Are you tired of your bathroom getting flooded with water every time you take a shower? Does your shower curtain get in the way when you’re trying to have a bath? Or is it covered in horrible mildew stains and you constantly find yourself replacing it? Are you finding it tricky to get a shower curtain that matches your bathroom suite? Then it’s best not to bother with a shower curtain at all. A much more sensible option is a bath screen that has a whole host of benefits in terms of both style and practicality. CHROMATHERAPY Chromatherapy is the term for a branch of holistic healing that utilises colour to achieve optimal health. Its practitioners believe that coloured rays have an effect on the body: when a colour is seen, it can have an emotional impact but there may be an even more powerful physical reaction. When rays shine close to the body, they penetrate it, travel through it, causing changes in cells, blood vessels, and the nervous system. Designed around this concept of chromatherapy, the new bath range ‘Chromatherapy’ allows an individual to be immersed in a warm, ultra-deep bath and, with the touch of a button, enhance the bathing environment to include a full spectrum of dramatic colours from soothing to stimulating. SAUNAS Most people can testify to the relaxing, calming effect that five minutes in a sauna can give, athletes may attest to the healing properties that they contain such as relieving the pressure and strain from sore muscles and joints or cleansing the reinvigoration that they can offer your skin. It seems strange then that despite such being such rewarding products that more of us don’t strive to own them. MULTI-JET SHOWERS Several manufacturers now offer systems with ambient rain that provides water from the ceiling. Some shower systems offer a variety of colour lighting options for different moods. Enjoy the intensity of red or use blue light to cool and relax. Look for waterfall effects with rainforest shower heads. Different spray options, from regular showerheads to body sprays, bring the perfect showering experience. Look for built-in music options to enhance your spa experience. Select how hot you like your shower. Thermostatically controlled let you set the temperatures so every time you step into the shower, it will be the same temperature. ADDITIONS Bathroom accessories are color coordinated with the rest of the like the soap trays, bathroom shelves, towel rails, toilet-paper holders, hooks and toothbrush holder. Walk in wardrobes adjacent to the bathroom are also a common feature. A lot of stress is also laid on exhaust, fresh air fans and air conditioning. Current lifestyle often demands that bathrooms offer extra facilities beyond the purely functional; besides the now mandatory closet storage, make-up table-cum-dresser, washing machine or even a little nook used as a dressing space. The writers are Directors of Ansa Interiors, Delhi JETTED TUBS Jacuzzi and Whirlpool offer an extensive choice of bath tubs. Watch for the number of jets. Some tubs have only 6-8 jets. This means you will feel the same sprays at the same place all the time. Air-jetted spa tubs are not only luxurious, but they also promise improvements over traditional water-jet whirlpool baths. You can go + size with a 2-person tub. Integrated aromatherapy diffusion system lets you add your aroma options. Style and Substance There are numerous factors that need to be considered when it comes to redesigning bathrooms and some of the important one include: Budget: For those opting to redesign their bathrooms, the all important aspect to bear in mind is the budget. Bathroom furniture, fixtures and fittings can be tailored to meet all budgets and new bathroom suites need to complement any furniture used in the bathroom. Mechanics: If altering the layout of bathrooms or bathroom suites, it is important to bear in mind the existing pipe work that the bathroom is serviced by. Significantly altering the location of bathroom fixtures and fittings may add cost to the overall redevelopment of a bathroom. Furniture: When it comes to setting the tone in a bathroom redevelopment, bathroom furniture has an important part to play. For example, you could opt for freestanding or fitted bathroom furniture to complement a new bathroom suite. STEAM SHOWERS With a steam shower one can experience the indulgent warmth of steam. Let your body relax and purify itself in the rich moisture. Relieve muscle tension and joint fatigue. Reduce stress and cleanse skin impurities. The safe, soothing comfort of a steam bath makes the tensions of the world simply fade away. The easily adjustable control panel offers temperature selection and sets the steam session duration up to 60 minutes. In one compact unit, the size of a typical shower, you can take a luxurious steam or whirlpool bath, enjoy a multi-head shower, and get a full-dimensional back massage. Steam shower units have a contemporary and elegant look, and come equipped with a radio and telephone, a remote control, and connections for your CD player.
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Go for native ‘beauty’
Beautification is one of the major responsibilities of city planners and colonisers and often exotic plants become the obvious choice to create an eye-catching landscape. However, the perception that attractive garden designs can be created only by using exotic and expensive plants is completely wrong. One example of this is the way in which palms have been used in the urban landscape, especially in the northern region.
Palms, no doubt, lend an exotic touch to any landscape — public or private — and it is because of this reason that these can be seen not only in home gardens but also in public parks as well as along the roads and avenues in cites so much so that the landscape is more of a “palmscape”. But such profuse plantation of palms reveals utter disregard for the utility of a tree as well as ignorance about the plant itself. Shade-giving trees should be the intelligent choice keeping in mind the severe summer of the region, but one sees palms, that give no shade, planted along the roadsides. Palms can’t be propagated in the northern region and are actually transported from far off states like West Bengal and Andhra Pradesh where the climate is relatively mild. These plants have a high mortality rate as they are not hardened enough before plantation. Of late, different varieties of palm have started appearing on the medians/central verge/road dividers. But most of these are ill-suited to the local weather conditions as they cannot bear the severe sun of summer months. The heat reflected by road tarmac and gushes of heat from the exhaust of the vehicles make the leaves wither and these exotic plants actually add a ghastly look to the landscape. Palms should be used intelligently and sparingly in our region. Certain varieties like Washingtonian palm and Phoenix palm have been successfully able to withstand the weather conditions of this region. Royal palm (roystonea regia) serves as an excellent ‘accent plant’ in home as well as public gardens. Its smooth trunk bearing circular leaves with canopy at the top marks its distinct presence. Trees improve the environment, support fauna and provide the much needed shade and colour in private as well as public areas. But rather than going for ill-suited exotic plants it would be wise to go in for native plants that are not only readily available and low cost but are also easy to maintain and can withstand local climatic condition. Hardy bougainvillea and shrubs like pink kaner (neriu indicum) and lantanas trained as hedges are the most appropriate choices for stretches along the roadside and on the central verges as these fulfill the purpose of cutting the view between the roads and block headlight glare. These hardy plants can survive in the harsh climate of the region. While in home gardens one should opt for fruit trees like mango, anar, lemon, plum, pear, amla, guava etc which provide the green look besides giving shade and delicious fruits. Trees which are suitable for this region are propagated and available with the forest department, GLADA and local nurseries.
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Add flower power
Maj Gen C.S. Bewli The selection of right plants for landscaping and for driveways is the key to beautifying any area. Besides other plants, profusely flowering lagerstroemia indica, plumaria rubra and plumaria alba independently are capable of transforming any neglected area into an eco-friendly and a beautiful landscape.
The outstanding features of lagerstroemia indica or crepe myrtle are its colourful flowers which come in white, mauve and purple hues. The tree is laden with clusters of flowers all around, during the peak summer season and this flowering season lasts for abnout three months and in a season when most of the other plants are bereft of flowers. This unique feature has made it a popular choice for home and public garden landscaping and as a driveway plant. One can see this plant at most places in the urban landscape. It is native to India and is grown all over the world. It is a tree-like multi-stemmed upright and deciduous ornamental bush. For its elegant look, it should be grown with 2-3 distinct stems; all other suckers emerging from the base should be removed periodically. Unlike other trees, its bark exfoliates thin flakes annually, which adds to its beauty to reveal a fresh light look. Leaves are small and dark green, changing to yellow and orange in autumn. After the flowering season, the branches should be pruned in the last week of February with a sharp cutter to encourage the plant for bushy growth in order to grow more clusters of blooms in the next season. Growing tips Remove old flower heads to promote second round of flowering. Water bi-weekly during extreme summer to get good blooms. To keep the leaves remain fresh and green, spray a solution of 3 ml of liquid soap to a litre of water each month during the growing season to get rid of aphids. Grow in full sun to avoid powdery mildew. Pruning should be carried out during early spring for the new growth to sprout, as flowering takes place on the fresh branches Pruning can be as much or as little as you like, to keep the tree up to the desired height. Plumaria Plumaria commonly known as champa is a genus of beautiful landscaping and driveway plants. The popularly known species, plumaria rubra and plumaria alba reach up to 8-10 metres in height. To further add beauty in the landscaping environment and along driveways, these can be maintained and groomed by pruning during winters to any desired height depending upon the location. The widely spaced branches bearing long shiny dark green and leathery leaves form clusters near the branch tips. The 8-10 centimetres flowers are aromatic and range from white to pink hues. Being a deciduous plant, the leaves are shed during early winter omnths. These are easy to grow and rugged plants which accept neglect and need less attention. The beauty of these plants lies in the fact that they attract attention wherever they are grown. These grow well in full sun and need less water to ensure profuse flowering for about 4-5 months at a stretch during their growth period. These plants have also been successfully grown in shade, but with some sacrifice in the overall growth. For the balanced growth, NPK (nitrogen, phosphorous, potash) with more of nitrogen content should be given once in growing season. These plants are almost disease-free and remain healthy. There are so many dwarf and profusely blooming cultivars of plumaria with different hues, which reach to a height of about 3 metres. These can be grown in pots having cactus compost and maintained to a height of a metre and above by means of pruning, which also renders the plant a bushy and a compact appearance. These plants lend a dramatic effect to the landscape when suitably planted in gardens and along the driveways with their foliage and long-lasting floral beauty. Plumaria can easily be propagated by cuttings; these tend to flower fast if taken from a flowering stock. Growing tips Prune regularly to maintain the beautiful and bushy look. Grow in full sun. When in pot use cactus compost. Fertilise once in growing season with NPK having more of nitrogen content.
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tax tips Q.My father died at a young age. His properties remained in my grandfather’s name. I have three brothers and I am the only sister. These properties were mutated in the name of my three brothers and my name was not included. Am I entitled to a share in my father/grandfather’s property or not? Can I ask for a share in these plots and the ancestral house of my grandfather/father? — raj rani A.Your queries are replied hereunder: As per the provisions of the Hindu Succession Act 1956, you are entitled to a share in your father’s property. On the basis of facts in the query you would be a legal heir to your grandfather’s property being a daughter of a pre-deceased son. Presuming that your father had not executed a Will in favour of your three brothers, his property should have been mutated in the name of your brothers and yourself. You should thus be entitled to a share in the properties in accordance with the provisions of the aforesaid Act. In case your brothers do not agree to this proposition you may have to take a legal action for division of the house property in the name of four legal heirs. You should, however, also consult a lawyer before taking any action on the above lines.
Should my daughter file IT return? Q.My daughter is working in Ernst &Young Singapore and is an NRI (since March 2011). Though she was an IT assessee before moving to Singapore, her CA advised her not to file IT Return last year as she had no income in India during the 2011-2012 financial year. However, I recently read in Times of India (dt. 14.08.2012, Chandigarh edition) that “ ......filing of tax return is especially important if one intends to buy property. In most states, the registration of Immoveable Property requires one to produce tax returns of the past three years.” My daughter has invested in an under-construction residential flat in Gurgaon and the possession and Conveyance Deed will be got next year. Kindly advise.
Do we file the ITR with income as Nil? Does the IT department accept such returns? Will a certificate regarding having ‘Nil’ Indian income during the previous year suffice (duly supported by proof of working abroad) — krishan dev uppal A.Your daughter will be liable to file a tax return for the year in which the income from flat accrues. Meanwhile, it would be advisable for your daughter to apply and obtain a Permanent Account Number which may be required as and when the Conveyance Deed is executed in her favour. There is no necessity to file a ‘Nil’ return.
Is it necessary to get flat registered in my name? Q. I had bought a flat in a society in Haryana. However, I did not get the flat registered in my name as I was advised by a lawyer that it was not essential. Now I intend to sell this flat and buy another residential house. But I am not able to sell it as the broker says that a Conveyance Deed in my favour is essential as any buyer would be interested in looking into my ownership papers. Is it essential to get an immovable property registered in one’s name? —rakesh A.A person is considered to be a lawful owner of an immovable property only after he gets it registered in his name. The Supreme Court has held that in the absence of a Deed of Conveyance (duly stamped and registered) as required by law, no right, title or interest in an immovable property is conferred on the person claiming to have acquired such property. This is in accordance with the provisions of Section 49 of the Indian Registration Act, 1908, read with Section 17 of the said Act. According to Section 23 of the said Act, you need to register the property within four months of executing a sale deed. In case of delay of more than four months, additional charges along with penalty have to be paid. You should get the property registered in your name immediately. You will be liable to pay stamp duty and the registration charges on the basis of the current value of the property and it may cost you a lot.
Q.I had purchased a plot jointly with my brother for Rs 40,000 in 2000. Now we are selling the same to raise funds for purchasing a flat from a government-sponsored agency at Zirakpur. The sale price of the said plot is Rs 18 lakh. We received Rs 4 lakh each as byana amount in 2011-12 and have invested the same towards advance payment of installments for the flat. The balance amount of Rs 10 lakh is to be received in October, 2012 and is to be paid towards the balance cost of the flat. The possession of the flat is likely to be taken by October, 2014. At present I am doing business which has shown a loss of Rs 3 lakh (approximately) during the 2011-2012 financial year and I have no other source of income. Kindly advise me on the following points: Is the amount of byana of Rs 4 lakh received by each of us during 2011-12 required to be shown in the return for the assessment year 2012-13 or year 2013-14, if the sale deed is executed in October, 2012? Do I have any tax liability while submitting Income Tax return for the assessment year 2012-13? What is the time limit within which the possession of the flat is required to be taken to avoid tax liability as a result of the capital gain arising out of sale of the plot? In case sale deed is executed in October, 2012 and the possession of the flat is not given by the agency by October, 2014, what will be my tax liability? — Rajesh A.You have not stated in your query whether the possession of the plot (jointly owned with your brother) was handed over to the buyer as and when the earnest money of Rs. 4 lakh had been received by you. I presume that the same was not handed over during the financial year 2011-12 i.e. during the financial year in which Rs 4 lakh has been received. Replies to your queries based on the said presumption are as under: The amount of earnest money received by each one of you is not required to be shown in the return for the assessment year 2012-13 as the same would form part of the sale consideration of the plot which would be duly reflected in the return for assessment year 2013-14. There would not be any tax liability for the assessment year 2012-13 on account of the receipt of such earnest money. Bombay Bench of the Income-Tax of the Tribunal has held recently in ITA No. 7326/Mum./2010 in the case of Kishore H. Galaiya vs. ITO that booking of the flat with a builder is to be treated as construction of a flat. In view thereof, you should get the possession of the flat before October 2015.
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REALTY GUIDE Q.My brother has grabbed the full share of our ancestral house in Chandigarh (besides other assets), though it is in the joint name. He doesn't let me enter the house and has also been issuing threats to me and my family. Kindly clarify: In which court should I file a case in this regard - District Court, Chandigarh or Punjab and Haryana High Court, Chandigarh. Also I would like to file a civil suit and also present it in the court myself without the lawyers as I can't afford to pay their hefty fees. Is this permitted? Are there any lawyers/consultants (whose names you can share), who would help me draft a petition for a reasonable fee. I would file and argue the case in the court myself. What are the approximate fees for such a service? How much time does it take for such cases to be settled? n Can you suggest me some legal books or judgments on the subject so that I can equip myself to argue the case. — sudhir kapur A.According to the facts presented by you, your brother is in illegal possession of the ancestral property and he can't deny you your share. If there is no chance of an amicable settlement in the case then you have no option but to take the matter to court. In your query you have mentioned that you cannot pay fee for engaging lawyers whose stature is equivalent to the ones whom you feel would be fighting against. Government has done a commendable job by forming State Legal Services Authorities. Chandigarh also has such an authority. In 1980, a national level committee was constituted to oversee and supervise legal aid programmes throughout the country under the Chairmanship of Hon´ble Mr. Justice P.N. Bhagwati, the then Judge of the Supreme Court of India. This committee was known as CILAS (Committee for Implementing Legal Aid Schemes) and started monitoring legal aid activities throughout the country. The State Legal Services Authority, U.T., Chandigarh, came in to existence in 1998. As per Section 12 of the State Legal Services Authorities Act, 1987, the subject matter in which legal services may be availed include all cases of civil nature such as property disputes, matrimonial and custody matters, labor or service matter, compensation in motor accident cases, consumer disputes, etc. After reading your queries I advise you to approach the State Legal Services Authority, UT, Chandigarh, and put your plea/request to get immediate justice. Toll Free Helpline No. 1800-180-2058 State Legal Services Authority Additional Deluxe Building, Ground Floor, Sector 9-D, UT, Chandigarh Office: +91-172-2742999
How can kin claim compensation amount? Q.My friend had purchached a plot near Ghaziabad in his own name only. He expired in 2006 and now this plot has been acquired by the government under a scheme and the compensation amount is about Rs 2 lakh. He is survived by his wife and two children (major). Is there any way for the family to claim the money jointly or individually through authorisation of attorney without involving the formalities of a succession certificate as this is a lengthy and expensive mode? Please guide. — h.s.walia A.The formalities for the payment of compensation for the acquired land vary from state to state and, sometimes, even from department to department. Your friend's family will have to contact the department that had acquired land for the modalities to be followed for the payment of compensation. The required information can either be got from the website of the department concerned or through a communication with it. However, your friend's family will have to fulfill all the formalities of the respective department as this involves the payment of money to the family from the state exchequer. |
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Gifting option
Investing in assets or financial instruments directly in one own name increases tax liability and could also push one into a higher tax bracket but if a property is gifted to specified relatives, including spouse, parents and siblings, then it is not taxed under the Income Tax Act.
NRIs and PIOs can freely acquire immovable property by way of gift either from A person resident in India An NRI or A PIO. However, the property can only be commercial or residential. Agricultural land / plantation property / farm house in India cannot be acquired by way of gift. (b) A foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India through gift. How good a gift is it: One can take a slightly different route on investments for better mileage. One way of saving on taxes is to gift your children and parents assets (movable or immovable) and cash for investments. According to the current laws, any gift received in cash or kind exceeding Rs 50,000 is taxed in the hands of the recipient as "income from other sources". However, this rule does not apply to gifts received from relatives. Additionally, any gift received on the occasion of your marriage, under a Will or inheritance is not taxed in your hands. What to do: It is always preferred to have a gift deed in order to avoid any gift being considered as taxable or being considered as an unexplained asset because our laws do not have any mandatory provisions to have a gift deed in case of transfer by way of gifts. What all areas will reap good returns in future-The Residential property has shown appreciation of 15 to 20 per cent over the last year NCR is a demand oriented market. Any investments here will give good returns. |