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Area watch: rohtak Labour pangs for dream home Loan zone Fdi in real estate sector Living in the shadow of skyscrapers Green
house Launch
pad Realty
bites Tax tips
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Area watch: rohtak According to the market watchers, the prices of residential property are down by 15 to 40 per cent in different parts of Rohtak. This slump in the market, however, does not mean that land is available in abundance at reasonable rates. With investors as well as sellers holding on to their properties there are very few properties available in the secondary market. Most of the transactions that have taken place in the past few months were by those who were desperate to sell due to financial need. Hence, the incidence of sale/purchase of residential property has touched a new low in the city and its surrounding areas. “I purchased a residential plot at the price of
Rs 75,000 per square yard about a couple of years ago. The market was looking up then and I was hoping to sell it at a decent profit within a short span. However, the market crashed and the prevailing price is around
Rs 60,000 per square yard now,” laments a local trader. The situation has come to such a passé that the real-estate agents, who had made fortunes in the property market during the past decade, are almost out of business. While some of them are now surviving on the rental income generated from their property, many others have switched over to the related business of arranging rental accommodation — a trend that is picking up, especially in the urban pockets of the town. In such deals, the property dealers charge commission for finding tenants/arranging rental accommodation and make profit in the bargain. “I wanted to dispose of my old house and settle somewhere else with my family, but I am not getting a reasonable price for it. Hence, no deal has been struck even though I have approached a number of property consultants,” says Ajay, a resident of a HUDA sector in Rohtak. Though experts foresee better times ahead, but it remains to be seen when this revival willl actually happen. As of now the huge investments made in the property market, predominantly by realtors and agents themselves, seem to have hit a roadblock. While some analysts attribute the slump to the artificially inflated property prices which were prevailing till a few years ago (the “settling-down-of-realty-to-actual-levels” phenomenon), the others blame the state government’s policies which favour private builders and illegal colonisers for the stagnation. The state authorities had carried out a steep hike in the circle rates in Rohtak in the recent past. Before the present-day regime took over the reins of Haryana in 2005, the circle rate of land in HUDA sectors was around
Rs 3,000 per square yard. As of now, circle rate in these sectors is up to Rs
20,000 per square yard. The steep hike in circle rates induced a slump in the property market in several areas, with the number of buyers, especially investors, steadily going down over the years. At present if a buyer has to get a property deed registered, then he has to show the transaction amount in white, which is a tough deal for most buyers. Then, they have to pay a huge amount as registration fee, which also discourages investors. Normally, the circle rates are 20 to 30 per cent of the market rate, which, according to market gurus, is favorable for a robust property market. However, as of now the circle rates are as high as 60 to 65 per cent of the prevailing market rates in Rohtak. The move to fix high circle rates in Rohtak town was ostensibly aimed at favouring private builders who have come up with residential colonies in the city. “I have no idea of the market forces governing the real-estate sector, but I do feel that people from all walks of life should be able to have a house of their own as per their capacity. It is the responsibility of the government to ensure a roof for every one,” says Sandhya, a schoolteacher. Though some private builders have residential projects coming up in the city and its peripheral areas, the choice for buyers is very limited. This is basically because Haryana Urban Development Authority (HUDA), which had been formed with the objective of providing affordable housing to the residents, has remained inactive here. No new HUDA sectors have come up in Rohtak in the recent past. While the new government in Centre has raised the hopes of a revival in the real estate market and industry mavens are anticipating the sector to come back to life by the end of 2014, how much this revival will effect Rohtak remains to be seen. Launch of some new affordable range projects by HUDA and correction in the inflated secondary market are the key requirements for the sale figures to go up and the realty scene to become buoyant in this NCR town.
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Labour pangs for dream home Delays in the completion of projects is nothing unexpected as most of developers are known to dump the deadlines without any remorse. So as a buyer what do you do when the developer to whom you have paid oodles of cash to help you realise your dream of having a home of your own fails to keep his side of the agreement? You can sit and wait for divine intervention or take up the case to the consumer court and teach the developer a lesson with a monetary penalty. But the buyers of Unitech’s Residences project in Sector 33, Gurgaon added another option to this list to deal with this situation earlier this week. Upset over the long delay by the builder in this project (some of the buyers have been waiting for the possessions to be handed over for the past five years), and the reason of labour shortage given by the builder, members of the Residences Apartment Buyers Association volunteered to do the labour work at the project site. More than 150 aggrieved home owners of the project have volunteered to work every weekend with the labour at the project site to ensure that their dream home is completed. Depending on their physical endurance some of the buyers have volunteered to undertake painting, plastering the walls, plumbing, digging etc in spite of being unskilled in these fields. The customers have come forward to train under the skilled labour and will then work independently and eventually supervise the skilled labour every weekend. Each one of these buyers has paid over
Rs 45 - 55 lakh to the builder already. Most of them are professionals with an average of 15-18 years of work experience, some of whom are working with leading MNCs, banks, Financial Institutions, IT, Automobile companies etc. have all come together to work as labour at the site so that they can move into their dream home. The Residences project was launched in June 2009 and as per the original agreement it was likely to be completed within 30 months (by December 2011). It has about 1322 units and according to the RABA spokesperson the real estate developer has so far collected approximately
Rs 550-600 crores. According to the buyers the buy-back offer that has been made by the builder to the disgruntled customers is also a clever trick by the group as the rate that the company has offered to the existing buyers is
Rs 8,000 per sq ft, where as it is selling the units to fresh buyers at Rs
9499 per sq ft. “Thus the company will make a profit of Rs 1499 per sq ft in the name of buy back,” says Vikram Bishnoi, President of RABA. In a press note issued by the buyers’ association, it was alleged that, “Unitech has diverted the funds extracted from Group Housing to commercial and plotted areas”. It alleged that the entire project along with common area amenities was sold simultaneously to all buyers and now the developer was planning piecemeal delivery thereby depriving a majority of buyers from their homes and is also refusing to pay interim compensation”. “They are forcing us to give up our legal rights by offering an increased compensation of
Rs 10 per sq feet and yet not committing any delivery timeline”, said Bishnoi.
— TNS
They are forcing us to give up our legal rights by offering an increased compensation of
Rs 10 per sq feet and yet not committing any delivery timeline. — Vikram Bishnoi, President Residences Apartment Buyers Association
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Loan zone How to arrange down payment for a house before raising a home loan from the bank? A goal-based person who has planned for a house for some time and has saved through a systematic investment plan (SIP) in mutual funds or purchased good stocks, exiting these would provide good returns, especially in these times when the stock market is doing rather well. An option is to take a loan from family or a friend. Perhaps the easiest way out, as it will come at a zero-interest cost and the pressure of returning it immediately won’t be there. Buying a house means servicing a home loan and another regular payment might make life tough. Then, if you have life insurance policies, you could take a loan. The maximum loan amount available under the policy is 90 per cent of the surrender value and 85 per cent in case of paid-up policies, including the cash value of bonus for endowment
policies. This is the cheapest among loan rates and in addition, the pressure of repayment is less and allow the loan to be deducted at the time of the claim payments. Most financial institutions allow loans against policies based on the insurer’s quotes. The minimum period of the loan is six months. What is good is if the policy becomes a claim due to maturity or death within six months from the date of availing the loan, the interest will be charged only up to the date of maturity/death. While loans from a parent or friend, selling investment and a loan from life insurance are the cheaper and zero or lower interest options, what should you do if these aren’t available or don’t add to the required amount? The tricky part lies here. One way is to take a home improvement loan from the bank or housing finance company (HFC). This is one of the more creative ways of raising money. Most of the banks fund up to 80 per cent of the requirement and for existing customers, 100 per cent. The maximum tenure is 15 years, which makes it almost as good as a home loan. The important thing to note here is that both banks and NBFCs will look at the eligibility factor of the borrower. That is, any lender will be comfortable funding a 40-50 per cent ratio of loan to take-home salary. If it exceeds this percentage, it would be difficult. For example, if your take-home salary is
Rs 1 lakh a month, the lender would be happy with an equated monthly instalment (EMI) of
Rs 40,000-50,000, at best. However, this is inclusive of all loans. So, if there is a home-improvement loan that translates into an EMI that exceeds this limit, they will not sanction it. In such a situation, you can add a co-applicant who is working. Whether a parent or wife or brother, banks will allow it. The worst thing is to take a personal loan. With rates at 14-20 per cent and the tenure limited to five to seven years at best, it means immense pressure on your finances. Also, since the tenure is small, it means very high EMIs that can disqualify you for a home loan if the amount is substantial. For example at 11 per cent for 15 years, a home improvement loan of
Rs 5 lakh means an additional EMI of Rs 5,683. The same amount raised through a personal loan at 15 per cent for five years means an EMI of
Rs 11,895, more than double the amount. For someone seeking a high amount of home loan, this can be a telling difference when the bank adds all EMIs to decide on eligibility. One should avoid it at all costs. People keep on adding loans without realising the impact these are having on their finances. Some take a loan to pay the initial down payment, then they take a home loan, and after some years, another home improvement loan… and keep on servicing loans instead of saving for the future.
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Fdi in real estate sector Even though the government’s move to reduce capitalisation limit to $5 million is likely to attract FDI in the real estate sector, industry experts believe global investors may initially focus on major metros than investing in high-risk Tier II and III cities. While the developers’ community is upbeat about foreign investments in smaller cities, international players are reluctant to enter markets which are high risk, especially where infrastructure has yet not been developed. The new government in its Budget had announced reduction in built-up area threshold from 50,000 sq mt to 20,000 sq mt and drop the minimum foreign direct investment limit to $5 million from $10 million. “Already there is a shortage of over 18 million houses and Tier 1 cities are bursting at the seams. Given the current scenario, the opportunity presented by Tier II and III cities are ripe waiting to be tapped by developers backed by foreign investors,” Tata Housing Managing Director Brotin Banerjee told PTI. According to experts, FDI would flow in such Tier II and III cities where the infrastructure is in place and the investors are assured of better returns. “We may not see an immediate flow of investments in smaller cities where there is no proper infrastructure in place. Tier II and III cities may have land, but at the same time if the basic infrastructure is not in place, they become high risk markets for investors. There is a need to create smart and social infrastructure,” PwC Executive Director Anish Sanghvi said. Among the Tier II cities Pune, Chandigarh, Ludhiana, Coimbatore, Bhubaneswar and Kochi, and Tier III cities like Madurai, Baroda, Nashik and Trichy are likely to attract investments as they are upcoming in terms of social infrastructure and economic development, experts said. According to experts, at least for the next 12-18 months, international investors may look at major 6-7 metros. “Smaller towns are high risk markets, specially when we don’t have the necessary infrastructure in place. For us, we will continue to look at 5-6 major markets like NCR, Pune, Mumbai, Bangalore among others,” Embassy Property Developments Chief Executive Officer Commercial Real Estate Division Michael Holland said. Milestone Capital Advisors Vice Chairman and Director Rubi Arya said domestic investors will have an advantage as the sector is expected to improve. “Domestic private equity players will be at an advantage as the sector is improving and we expect better valuations. Investors will continue to look for developers with good track records thus enabling improvement in the realty market in those regions,” she added.
— PTI
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Living in the shadow of skyscrapers
Internationally, a building that reaches or exceeds the height of 150 metres is considered a skyscraper. Until recently, Mumbai was the only Indian city with high-rise buildings. The financial capital continues to see the highest demand for skyscrapers, as the only option to grow there is vertically. It now seems that in the coming decade, Maximum City will receive an even more cohesive skyline, with a host of projects in the race to touch the sky being constructed. The demand for high-rise buildings is certainly growing, and other cities are catching up. Mumbai continues to have the maximum number of tall buildings approved or under construction. Development of India One — the tallest in the country — has already begun in Maximum City. It spans 126 floors and stretches up to a height of 720 metres. Apart from this, Mumbai has more than 30 such ‘super-tall’ buildings ranging between the heights of 150 metres to 450 metres either at the approval stage or already under construction. New Delhi has around a dozen of such buildings coming up. They range between heights of 150-300 metres. Kolkata, too, is catching up with nine such residential buildings extending to the height of 245 metres either approved or under construction. Ahmedabad too has about 13 tall buildings which are under construction and are ranging between 200 metres to 410 metres. Hyderabad and Bangalore are also witnessing some development in construction of tall buildings for residential-commercial purpose with two or three approved projects. All in all, this amounts to around 60 skyscrapers. Developers see such edifices as a good way to attract potential buyers — high-rise buildings are a good gambit to differentiate their offerings from those of the rest of the pack. However, this coin has two sides — high-rise development has its own share of demerits, too: Effect on urban wind Rise in the elevation of a building increases the distance of the wind shadow and minimises the air flow at the street level behind the building. Near high-rise buildings, the local wind speed is high even in summer. In addition, high-rise buildings tend to create a turbulent flow of the gradient wind as a result of increasing the roughness of the boundary layer surface.
Increased air pollution In summers, local wind speeds near skyscrapers are very high and troublesome. The ventilation conditions in the urban spaces and major streets with high vehicular traffic have a significant impact on the concentration of air pollutants at the street level. The high velocity and turbulent wind at the street level results in the mixing of the highly polluted low-level air with cleaner air flowing above the urban canopy.
Effect on urban radiation High-rise buildings absorb direct and reflected solar radiation of surrounding low-rise buildings and convert it into heat via convection of long-wave radiation. However, when buildings are of different heights, the walls of the higher buildings absorb part of the reflected and emitted radiation and block a portion of the sky, resulting in reduced solar exposure and long-wave emission from the roofs of the lower buildings.
Increased urban temperature Size and density of the built-up areas affect temperatures in urban areas. In the congested centres of large cities, temperature levels are generally higher than in the suburbs. The largest elevations of urban temperature occur during clear and still-air nights, also called ‘Urban Heat Island'. Excessive opacity of high-rise buildings in city centres results in concentrated heat generation by high-density land use (traffic, lighting, heat exhaust) and contributes to the creation of urban heat islands.
Effect on night-time cooling Nocturnal radiation is a major climatic factor that reduces atmospheric heat in urban areas located in hot, dry regions. Nocturnal radiation decreases when the density and the height of built-up urban masses increase. High-rise buildings store solar energy during the day time and release it slowly into low-speed local wind, especially at night. The vertical distance between cool winds above buildings roofs and the ground surface is long, and this results in decreased radiant cooling during the nights. Low-rise buildings that match trees heights of 12-15 meters, on the other hand, penetrate night-time ventilated cooling at the ground level and also store cool radiation through built-up urban areas. When it comes to our largest cities, there is not much that one can do about these factors, and indeed, they are accepted as a fact of life in a city like Mumbai, which must grow vertically if it is to grow at all. Unfortunately, the areas of our cities which are in the biggest need of high- rise buildings are also the ones which offer the lowest scope for remedial infrastructure measures that could reduce the impact of skyscraper
development.
Other Factors
— The writer is Head – Strategic Consulting (West), JLL India
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Green
house Whenever one talks about a garden, the first image that comes to mind is that of colourful flowers. People often talk about rose garden, bougainvillea garden or a dahlia garden, but it is seldom that people discuss about the foliage which is the real backbone of any successful garden. Flowers are seasonal and often fleeting, but to have year-round splashes of colour without much of maintenance, ornamental foliage plants are the ones that always have something beautiful to look at. The key element that makes a statement in a flowerless garden is the long-lasting foliage beauty of different colours, textures and sizes that can take on any conventional garden. Plants and greenery in the front yard always give a welcoming feeling. Being the entrance, this area assumes importance as everyone who passes by gets to watch it. With a good design concept and aesthetics, it can be made to appear stunning and welcoming to give the effect of an inviting outdoor extension of the house. Most of the people in tricity have front yards of different sizes, even if the yard is tiny, it can be made attractive. By giving a smart facelift this space can be transformed into a beautiful de-stressing garden. The demanding pace of modern life leaves little space and time to indulge in the pleasures of gardening because of which many are looking to keep gardening tasks to a manageable level. For this, a flowerless garden is an option, especially for those who are unable to get the services of a gardener or have enough time to take care of their plants themselves because by default such gardens need low maintenance. To further reduce maintenance the garden should be designed to keep the things simple. Foliage plants that can be important features of such a garden can include species of caladium, calathea, croton, dieffenbachia, epiphytic cactus, fern, hosta, marantha, monstera, peperomia, philodendron, pothos, syngonium, begonia, bromeliads, hybrids etc. The list of colourful, robust and flowerless plants to decorate any flowerless garden which in no way is inferior to any conventional garden is endless. Some of the colourful plants that exude beauty throughout the year are:
Chlorophytum comosum with broader grassy leaves that arch gracefully and are variegated cream and green are very ornamental. These can be grown in pots, in beds and also look stunning in a hanging basket. For healthy growth, they must get bright light with some direct sunlight and plentiful of watering during growth period.
Metallic sculptures and other garden accessories are the other elements that can add to the appeal of your “flowerless”
garden. How you can make a small garden look spacious
— The writer is President of National Cactus and Succulent Society of
India
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Launch
pad
"Villaments" in Greater Noida According to company spokesperson the Villaments will provide the exclusivity of villa living along with the modernity and convenience of an apartment. It includes the privacy and spaciousness of a villa clubbed with the affordability of an apartment. "Villaments" comprise 3 and 4BHK apartments in an area of 2600 sq.ft (3BHK) and 2950 sq.ft (4BHK) priced at
Rs 70.85 lakh onwards. The project will have a 12000 sq. ft club house, swimming pool, multi-purpose courts, Zen garden, amphitheatre with skating rink etc. Besides this, each unit will have limited false ceiling, wooden flooring, split ACs in all rooms, an open modular kitchen and an expansive dining area. An eco-friendly project, the "Villaments" conforms to "GOLD" standards of IGBC.
Easy payment plan Tricity-based real estate group New Generation Real Estates Ltd., is offering an “easy interest plan” to home buyers in its Maple Apartment project for a limited period. Taking into consideration the need for reducing the burden of EMIs on the buyers, Under this payment option a buyer will pay the loan installment at a reduced rate of 6.99 per cent instead of the normal bank rate of 10.15 per cent being offered by various banks. According to a company spokesperson it will help the homebuyers to upgrade their homes from 2BHK to 3 BHK without increasing their installment. Maple Apartments project is on Old Ambala highway near upcoming 200 ft Airport road ( PR-7). Almost 90 per cent of the construction work in this project is already complete. — Based on information provided by the developers
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Realty
bites The profitability of domestic cement makers is likely to improve in the current fiscal on higher realisation due to improved price, rating agency CARE Ratings said in a report earlier this week. “Though there may be partial reversal in cement price hikes in the near term due to monsoon impact, the average cement price during FY'15 is expected to be higher as compared with FY'14,” it said. Last fiscal was a challenging year for cement industry due to pressure on realisation coupled with increased costs. Cement makers raised the price of the building material in the last quarter of 2013-14 and in the first quarter of the current fiscal. CARE said this will lead to higher realisation for them despite the fact that the average freight cost may be higher than FY'14 on account of increased diesel and rail freight rates. “Higher realisations ...are expected to not only negate the impact but also result in improved profitability margins on year-on-year basis,” it said. Cement demand witnessed just 3.5 per cent growth in FY'14 compared to 5.3 per cent in FY'13 and 6.7 per cent in FY'12, mainly due to slowdown in infrastructure, industrial and real estate projects. “Consequently, cement prices remained under pressure for a major part of the year. Though few attempts to increase the prices by the cement companies were made during the year, the hikes were reversed most of the times till Q3 FY'14,” it said.
Logix group to raise Rs 250 crore FDI for Noida project Realty firm Logix group plans to raise
Rs 250 crore from foreign investors for the development of its ongoing mixed-use commercial project in Noida. The company is developing this commercial project at an investment of
Rs 1,000 crore and is looking to raise FDI to complete this project. The 6-acre project 'Noida City Center' includes a 7 lakh sq ft shopping mall, 2.5 lakh sq ft office towers, two hotels with combined 400 rooms and 100 service apartments. “Total project cost of this commercial project is
Rs 1,000 crore,” Logix group CMD Shakti Nath said. The investments are largely met through internal accruals, he said, adding that the company is in talks to raise FDI for this project. Asked how much fund the company is looking to raise, Nath said, “We plan to raise about
Rs 250 crore”. Earlier, Logix had raised funds from Apollo, TAIB and ICICI Prudential for other projects. Giving details about the project, he said the shopping mall would be operational in the next 4-5 months while office, hotels and service apartments would be completed in the next two years. Noida-based Logix group has completed 4 million sq ft of IT projects. It is currently developing 3-4 residential projects in Noida with 20,000 housing units.
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Tax tips
A. According to Circular no. 743 dated May 6, 1996, issued by the Central Board of Direct Taxes, the amount so received is not taxable in the hands of the legal heirs as the unused portion of the deposit does not partake the character of income in the hands of the legal heirs as the same is a part of the estate devolving upon the legal heirs. In view of the above, you would not be liable to pay tax on the unused amount refunded to you by the bank. On which loans can I claim exemption? Q. I am working as a staff nurse in a hospital situated in Ludhiana and am living in an accommodation provided by the hospital. I have taken a home loan, Can I claim Income Tax rebate for home loan? Please explain which loans are covered for the purpose. — Sheela A. Yes, you are entitled to claim a deduction under Section 80C of the Income Tax Act 1961 (the Act) in respect of the repayment made towards the amount of loan raised for the construction/acquisition of the house provided the loan has been raised from either of the following sources:
The above deduction is covered within the limit of Rs 1 lakh provided under Section 80C of the Act. The limit is proposed to be raised to
Rs 1.50 lakh in the Finance Bill 2014, which would be applicable for assessment year 2015-16 and onwards. The amount of interest payable on such loan would be allowable as deduction under Section 24 of the Act while computing income from house property. How is Annual Value determined?
A. Section 23(1)(a) of the Act lays down that the annual value of a property is the sum for which the property could reasonably be expected to let from year to year. Section 23(1) (b) of the Act further provides that in respect of property which is let wholly or partly, annual value of such property will be taken to be the sum so arrived at (a) above or the actual rent received or receivable whichever is higher. For determining 'the sum for which the property may reasonably be expected to let from year to year', the inherent capacity of the property to yield income from year to year is required to be assessed. In determining such notional income several factors have to be taken into consideration, such as actual location of the property, capacity of the property to fetch income depending upon the demand and supply position over a period of a few years and such other similar considerations. Rateable value is one of the tests applied in determining the bonafide value of the property because Municipal authorities determine the rateable value of a property with reference to the sum for which the property could reasonably be expected to let from year to year. Is Agreement to Sell necessary?
A. It is always advisable to execute an Agreement to Sell. It should be signed by both the seller and the buyer. It is legally valid and admissible evidence. An Agreement to Sell forms the basis for drafting the sale/conveyance deed. A written agreement is always preferable from a legal perspective because it can be enforced in case of breach of the conditions specified in the agreement by either of the parties. Such an agreement can become a very important document during the property acquisition. Further, such document facilitates smooth completion of the transaction without any dispute. In my opinion an Agreement to Sell protects the interest of both the parties, and therefore should be executed in all cases. S. C. Vasudeva email your queries to realestate@tribunemail.com
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How to arrange down payment for a house before raising a home loan from the bank?
Whenever one talks about a garden, the first image that comes to mind is that of colourful flowers. People often talk about rose garden, bougainvillea garden or a dahlia garden, but it is seldom that people discuss about the foliage which is the real backbone of any successful garden. Flowers are seasonal and often fleeting, but to have year-round splashes of colour without much of maintenance, ornamental foliage plants are the ones that always have something beautiful to look at. The key element that makes a statement in a flowerless garden is the long-lasting foliage beauty of different colours, textures and sizes that can take on any conventional garden.
Q. My father had sold a house sometime back. He had contracted to buy another house which was under construction. In accordance with the requirements of the Act he deposited the amount of capital gain with a bank under capital gain scheme account. The payments to the builder were being made as per the stipulations made in the agreement entered into with the builder. Unfortunately, my father expired in May this year.
The price of land, especially of the residential property, continues to witness a slump in Rohtak.
The current situation has been prevailing for more than a year now. The low property prices have dampened the market sentiment substantially in the state Chief Minister’s hometown. According to market watchers there is no hope of the market picking up pacein the near future also. 
Ashiana Housing Ltd announced the launch of "Ashiana Surbhi" residential project in Rampura just off Bhiwadi-Sohna Road (Rajasthan) recently. The project is spread across 5 acres and will offer 2 and 3 BHK apartments in Stilt+12 floors, towers. The starting price of the units will be Rs 22.44 lakh onwards. Other facilities in the project will include clubhouse with a refreshing swimming pool and sports facilities, kids' play area and jogging + walking track.
NCR-based realty group Mahagun has introduced the concept of "Villaments" in its new project that is a part Mantra II, Sector 10, Greater Noida (West). The six acre project will have 104 luxurious apartments extending to two floors with a stairwell connecting the two floors. 
Q. My father had sold a house sometime back. He had contracted to buy another house which was under construction. In accordance with the requirements of the Act he deposited the amount of capital gain with a bank under capital gain scheme account. The payments to the builder were being made as per the stipulations made in the agreement entered into with the builder. Unfortunately, my father expired in May this year. The amount lying in the capital gain scheme is likely to be refunded to me as I am a nominee named in the records with the bank. Will the unused amount refunded to me be liable to any tax?
— Ranjit Kumar
Q. I understand that income from house property is taxed on the basis of Annual Value. It is not clear as to how Annual Value is determined. Please clarify?
— Gopal Kanodia
Q. I have a plot of land which I am planning to sell. On an enquiry from the market I have been informed that it would take about two to three months for the final sale deed to be executed. The brokers have also informed me that a receipt for the advance payment would be issued to me which would be sufficient for execution of sale deed within the period mentioned in the said receipt. Is it essential to execute an Agreement to Sell executed in the circumstances because the brokers have given me an indication that there is no necessity for the same?
— Vinod Kumar