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Taste of international class
TAX TIPS
GREEN HOUSE
Boom before correction
Driving factor
REALTY BYTES
LAUNCH
pad
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Taste of international class
Prosperity and love for all things ‘phoren’ is the hallmark of Punjab and Punjabis. Little wonder then that these characteristic traits of Punjabis have trickled down to their lifestyle choices as well. This fact is evident from a flurry of blue-chip projects coming up in the form of ‘integrated townships’ or luxe hospitality sector projects coming up in collaboration with multinational giants. These companies hold the promise of giving a taste of international lifestyle to Punjabis, who are willing to shell out hefty sums to enjoy this privileged lifestyle. Many of the top notch companies worldwide, whether it in residential or hospitality sectors, want to have a significant presence in Punjab in order to have their share in the pie as it is a sound business proposition to do so. And as a result we see a lot of ‘iconic properties’, reflecting the taste of ‘crème-de-la-crème’ of society, coming up in Punjab. Most of these iconic properties will be thrown open to public in this calendar year.
“With the advent of these projects in Punjab people in the region are becoming aware of the concept of branded property. “When we try and sell some property to our client, the main query usually is about the promoter of the project. This mindset will straight jacket the real estate sector which is still largely unorganised”, says Ashok Talwar of Goldstar properties, Ludhiana. Let us see what all these major projects are and how they will impact Punjab’s reality scene.
Integrated townships
‘Integrated township’ is the new buzzword in the sector with several top league projects coming up in the vicinity of metros and big cities. In Punjab, too, the trend has caught the fancy of people looking for a luxurious lifestyle and convenience. ‘Mohali Hills’ in Mohali is one such ‘integrated township’, which is being developed by Emaar MGF. Having a land bank of around 3,000 acres, the group is developing about 550 acres in the first phase, and the work is in full swing. “Ours is a strategic JV between the Emaar Group of Dubai and MGF of India. In our project we would leverage the expertise of Emaar in construction of integrated township with master plan communities”, explains Anupama Chopra, the Corporate Communications Head of the group. Emaar has helped with its distribution network in 16 countries, which helps in getting NRI clientele. “Basically with Emaar’s expertise we are trying to give a finished product to our customers which is of international standard”, reveals Anupama. ‘Mohali Hills’ offers various options
like plots, built up structures, villas etc, each offering customised solutions to the clients. Another proposition coming up with foreign funding is that of IREO. This group is having two projects — one in Mohali and the other one in Ludhiana. “In Mohali a lot of stress is being laid on vehicle-free pedestrian movement. We have all the parking underground and a notified green area of three acres”, says Amir Hussain, General Manager, IREO. The price range is quite affordable and hovers in the range of Rs 30-50 lakh. “We are executing the project, but we have massive foreign funding through various real estate funds”, says Amir. With Vijay Amritraj as the brand ambassador of the project, IREO has managed to sell more than 100 units in the past three months. The
Ludhiana project of IREO is christened as “IREO Waterfall” and is being developed on a landbank of around 500 acres. The highlight of the project is a huge lake with a club-house alongside. “In the first phase only 150 acres are being developed and villas between 150 sq.yd and 1,000 sq.yd area are open for sale. For this we have not constructed a sample villa ; rather we have constructed a sample condominium”, says Amir. Another residential project coming up with foreign collaboration is “Ashberry Homes”, by SARE with ‘Impact projects’ being the Indian partner in Amritsar. With NRIs being the main target group, the company will be offering flats.The highlight of the project is free shuttle service to the Golden Temple and no EMI till the time of possession.
Hospitality with
foreign touch
In the hospitality sector Punjab will soon be romancing with names like Hilton, Radisson and Marriott that are considered to be epitome of luxury all over the world. All three are expected to throw open their swank hospitality projects to public by the yearend. “When we launched our Hilton in Delhi, it was frequented a lot by people from Ludhiana. That’s how sensing the potential, we conceived our ‘Hilton Ludhiana” says Kartik Sharma, MD of the project. It will be a 180-room luxury hotel, boasting of huge suites. “Offering an international product is the core competency of Hilton. The project will have a Japanese GM and Executive Director would be Sri Lankan”, says Sharma. The Indian partner is going to construct the project, and the Hilton group is going to manage the property on day-to-day basis. Being developed on similar lines is the Marriott in Chandigarh. What makes it special? “Marriott has only about 45 properties all over the world, and this is their second property in India after JW Marriott, Mumbai. So it holds a lot of significance for the group,” informs Deepak Manocha, General Manager of the Chandigarh property, which is being constructed over an area of two acres. The local partner is Lokpriya Buildwell Pvt. Ltd., but the Marriott Group has been deeply involved in the project right from the selection of the site to the development of the whole project, to interiors, layout and the architecture. “Our project is called ‘Approachable luxury’, since it is for ‘the accomplished traveller’ who has tasted that fine luxury before”, adds Manocha. It will have everything that one can ask for, and yes it will be the signature class of Marriott in India since it will be having the ‘food and beverage’ practices of international standards. Mixed use development
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TAX TIPS Q. I had purchased a house in October, 1976 for Rs 1 lakh. I entered into an agreement in respect of the said property in May, 1985 for sale consideration of Rs 3 lakh. I had received an advance of Rs 20,000 and the possession and the execution of the sale deed was to be carried out within a period of three months from the date of the agreement to sell. The possession of the house property was, however, not handed over as the purchaser did not come forward to pay the balance amount. I had forfeited the amount of Rs 20,000 received as advance. I have now sold the property in September, 2010 for a sum of Rs 21 lakh. Please enlighten me as to how the capital gain is to be computed? What steps should I take to save the tax leviable on such capital gain?
A. The amount of Rs 20,000 forfeited by you would be reduced from the amount of Rs 1 lakh being cost of the house property. The net cost would be Rs 80,000. Assuming that the fair market value of the property as on April 1, 1981 was Rs 80,000, the indexed cost would work out at Rs 5,68,800. The long-term capital gain, thus, would be Rs 15,31,200. You can save tax liability on such capital gain by utilising the amount of capital gain for purchase or construction of a residential house. The purchase will have to the effected within two years after the date of sale, and the construction within three years after the date of sale. In case you adopt this course of action, then you should deposit the amount of Rs 15,31,200 in a bank under the capital gain scheme before the due date of filing your tax return for assessment year 2011-12. The amount so deposited will have to be utilised for the purchase or construction of a residential house. You also have an option to utilise the capital gain for the purchase of tax saving bonds within a period of six months of the date of sale of the house property. Such bonds have a lock in period of three years.
Interest issues
Q. Some agricultural land had been acquired by the government in 1987. Now the farmer has received interest from 1987-2010. The total accrued interest from 1987 to 2010 was received in 2010 and tax has been deducted thereon.
Can an assessee revise the returns early years or not? The total tax has been deducted in the financial year 2010-11. Can it be bifurcated for preceding years? Can return from 1987-88 to 2010-11 be re-filed and refund claimed for these years. Can the farmer give arithmetical statement of early years with the return for assessment year 2011-12 and total TDS claimed in the assessment year 2011-12 or not. — R.K. Jain A.
Replies to your queries are given hereunder:
n
Yes, following the decision of Supreme Court in Rama Bai vs. CIT (181 ITR 400) case, interest can be bifurcated for the years for which it has been allowed to the farmer. The farmers concerned will have to file the return if the interest income on the basis of such apportionment exceeds the amount which is chargeable to tax for respective years. n
The return can be revised if any omission is noticed in the original return within one year of the end of the assessment year. For example the return filed for assessment year 2010-11 (year ending 31.03.2010) can be revised upto March 31, 2012. n
It is not clear from your query whether year wise tax deduction certificates have been issued or a consolidated tax deduction certificate has been issued. If the year wise certificates are available, there should not be any problem for seeking refund/adjustment of tax deducted at source against the income of the relevant year. However, in case it is a consolidated certificate, copies of such certificate will have to be attached alongwith return for various years and reference made in such returns with regard to original having been filed with the latest year. A return can be filed for any previous year before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For example the return for the assessment year 2011-112 (year ending 31.03.2011) if not filed on due date i.e. July 31, 2011 or September 30, 2011 as the case may be, can be filed upto March 31, 2012 provided notice under Section 142 of the Income-Tax Act 1961 (the Act) has not been received for filing the return earlier. n
The total amount of TDS can be claimed in the assessment year 2011-12 if the total amount of interest received for all the years is shown in return of income for assessment year 2011-12.
Clubbing of spouse’s income
Q. I have retired from government service and will be migrating to USA along with my wife next year. I have following queries:
(b) If I gift a portion of the above mentioned amount to my wife after paying IT on LTCG and she deposits it in FD. Can she file her IT return of interest received on this FD separately or her income will be clubbed with me for IT purpose? — K.K. Gupta A.
The answers to your queries are as under: As per the provisions of Section 54EC of the Act, the investment in the infrastructure bonds has to be made within six months of the date of transfer of the capital asset. In the case cited by you the date of transfer of the plot would be crucial as the capital gain will have to be computed in the year in which the transfer takes place. In case the possession of the plot has been handed over before the receipt of the second installment, the capital gain will have to be computed in the year in which the possession has been handed over as the date of possession should be taken as the date of transfer in accordance with the provisions of the Act. The proviso to Section 54EC of the Act added by the Finance Act 2007, requires that the investment in infrastructure bonds made on or after April 1, 2007 by an assessee during any financial year should not exceed Rs 50 lakh. Technically, therefore, it may be possible to make investment in infrastructure bonds in the second financial year of an amount not exceeding Rs 50 lakh. However, this will have to be within six months of the date of transfer otherwise the benefit of the exemption would not be available. In accordance with the provisions of Section 64 of the Act, any income earned on an asset transferred to a spouse for a consideration other than for an adequate consideration or in connection with an agreement to live apart, is includible in the income of an individual who has transferred such asset. Accordingly the income from such fixed deposit will be reflected in your tax return.
Exemption allowed
Q. My father owned a house in Agra where he lived for more than 30 years. He sold the house and shifted to Delhi later. The capital gain on the sale of this house was utilised for the purchase of a plot for which an advance of Rs 10 lakh was paid. This transaction took place in October 2010. Unfortunately, my father died in November 2010. The sale deed in respect of the said plot was eventually executed in my favour, and I have taken up the construction of the house. Will I be able to claim the exemption under Section 54 of the Act in respect of the capital gain arising on the sale of property held by my father in Agra.
— Rajesh A.
On the basis of facts given in the query it is evident that there was a transfer of the house property, the income of which was assessable under the head “income from house property” and that the advance was paid by your father for acquiring a plot for the construction of a house property so as to avail the exemption allowable under Section 54 of the Act. The capital gain earned on the sale of property in Agra was chargeable in the hands of your father and on account of his death you will be assessed as his legal representative for the purposes of the tax liability arising on account of such sale. There is an old decision of Madras High court which is reported in 4 Taxman 432 (C.V. Ramanathan vs. CIT) which does permit the availment of benefit under Section 54 of the Act in such cases. You may, therefore, claim the benefit on the basis of the said decision.
Son can become co-owner
Q. I had purchased a plot in Ambala city for Rs 48,000 in June 1988, and constructed a house in 1989 by taking a loan of Rs 1,25,000 and an additional loan of Rs 40,000. The house was not complete, and I had to spend about Rs 2,00,000 for woodwork and painting etc. in the subsequent four to five years out of my savings and borrowings. Now I intend to sell this house at an estimated cost of Rs 55 lakh and build a house at Mohali for my son. Since the cost of land in Mohali will be more than the sale proceeds of my house, additional funds will be required for the construction of the house. I, being a senior citizen and a pensioner, will not be eligible to get home loan from a bank. My son, too, is not entitled to raise a loan because the property will have to be purchased in my name to save the capital gains tax. Can my son be made a co-owner in the plot to be purchased in my name so that he can raise a home loan for construction? Also advise in which account the sale proceeds of Ambala house should be parked till the time the deal for purchase of a plot in Mohali matures. What will be my tax liability based on the above facts.
A.
The replies to your queries are as under: n
Your son can become a co-owner of the plot provided he acquires a part of the plot by making a payment of funds for such acquisition from his own sources. The capital gain arising on the sale of Ambala house is required to be deposited under Capital Gains Deposit Scheme Account before the date of filing of the return of income. The proof of such deposit is required to be submitted alongwith return of income. The exemption from the levy of capital gains tax would be allowed on the basis of such proof of deposit. n
In case you comply with the requirements specified in Section 54 of the Act i.e. deposit the amount of capital gain in the aforesaid designated account and invest such capital gain by making withdrawals from such account, in purchasing a residential house within a period of two years after the date of transfer of your Ambala house property or in constructing a residential house within three years after the date of transfer of your Ambala property, tax shall not be leviable on the capital gain arising on the sale of your Ambala house property. However, in case you do not comply with the aforesaid requirements, the capital gains tax would be leviable on the difference between the sale price and the indexed cost of the Ambala House Property @20% plus applicable education cess. The amount of tax liability cannot be computed as the date of completion of the Ambala house property has not been indicated in the query.
The writer can be contacted at sc@scvasudeva.com
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GREEN HOUSE Satish Narula Ficus species plants are considered one of the most ancient trees. These have found favour with horticulturalists because of their hardiness and growth characteristics. With the judicious use of diiferent plants of the Ficus species, one can give a garden a deep and filled look besides adding a lot of colour. Some of these trees like bohr, peepal etc are revered in the Hindu mythology and are even worshipped. There is a wide range of Ficus species plants and the most commonly seen are the Ficus religiosa (peepal), Ficus benghalensis (barh or banyan tree), Ficus indica (rubber), Ficus repens, Ficus variegate, Ficus benjamina etc. There are interesting stories about how some of these trees got their names. The banyan tree got its name from the English who associated this tree with "banias" (moneylenders) who used to sit under the thick shade of this tree and carry out the business of lending money. I would like to introduce you to some of the lesser known Ficus species plants that grow very well in this region. These include Ficus lyrata, Ficus cunea, Ficus lanceolata and Ficus nigra. Like many other the Ficus species plants could also be grown for useful purpose. The Ficus lyrata has very wide leaves that are arranged very near to each other making it a very good screen and shade-giving tree. This plant can also be grown outside the premises that you want to protect from dust and noise. If you are choosing this tree for this purpose then the distance between two plants should not be more. Ficus lyrata is one of the new introductions. This plant is very suitable for parks that are developed with a theme of curiosity plants. The plant starts putting forth fruiting bodies from very low level. These fruiting twigs are oriented towards the ground. The leaves of this plant are also sessile, meaning they don't have the joining thread. Another very interesting member of the species is Ficus krishanae. It is named after Lord Krishna. The leaves of this plant are peculiar as the leaf blade dramatically takes a turn backward and forms a cup at the back side. The legend has it that this leaf was used by Lord Krishna to store and eat butter. The plant is also called the Krishna Butter Cup.
This column appears fortnightly. The writer is a senior horticulturist at PAU and can be reached at satishnarula@yahoo.co.in
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Boom before correction
Housing regulator, NHB, which is awaiting $ 500 million loan from the World Bank for low cost housing, has said that property prices would rise in the next one year, but that would result in correction in these rates in all the metros subsequently.
“In the next one year, property prices would be moving northwards which will create a dampening impact on demand, resulting in correction of prices,” NHB Chairman R.V Verma told reporters on the sidelines of Skoch summit. He said the correction would happen in the prices in all the metros. Correction in property prices started happening in India, after global financial crisis deepened in the middle of September, 2008 with the collapse of US financial services icon Lehman Brothers. But after the economy revived, property prices have moved up again in India. Many experts also believe that rising loan rates as a result of RBI monetary tightening moves would lead to correction in housing prices. Verma also said NHB expects $ 500 million loan from the World Bank for low income home. “It is in the pipeline. We are expecting feedback from the World Bank soon. The funding is in the pipeline for 2011-12,” he said. Verma also said NHB is entering into an agreement with Germany-based bank KFW for 50 million euro loans to fund energy efficient houses. “We expect first tranche of funding in June,” he added. The NHB chairman said the bank has disbursed Rs 7, 500 crore this fiscal so far. “In March, we are expected to disburse another Rs 2,500 crore. In July-June 2010-11, we expect disbursal of Rs 11,000 crore of which Rs 2,000 crore will be for rural housing fund,” Verma said.
— PTI
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Driving factor
Credit rating agency Fitch Ratings has said the demand for residential units, driven by high growth rate in the Indian economy and rapid urbanisation, are the main drivers for the real estate growth in the medium term.
Terming the outlook for the Indian real estate sector for 2011 as stable with negative bias, Fitch said the absorption rate is likely to be slow over the near term on account of strong increase in residential unit prices during the second half of 2010. The withdrawal of teaser interest rates by lenders and the increase in interest rates expected in the first half of calendar year 2011 are also likely to dampen the demand, Fitch said. Fitch forecast renewed hiring by the information technology (IT) and IT Enabled Services sectors since second half of 2011 — a major demand-driver for office space in the country — is likely to give the commercial real estate sector a boost in 2011. An oversupply in this segment, however, is a cause for concern, it said. According to Fitch, regulatory measures by the Reserve Bank of India like an increase in risk weights on bank lending to real estate companies would impact the funding available for the sector. Unlike in 2010, when some real estate companies tapped the market for funds, Fitch said there may be a lack of enthusiasm in 2011 on the part of investors due to lending scams that was seen last year.
— IANS
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REALTY BYTES As a step to protect the interests of home buyers, the National Real Estate Development Council (NAREDCO), the industry body under the Union Ministry of Housing and Urban Poverty Alleviation, organised a first-of-its-kind workshop for home buyers to educate them on crucial issues like quality assessment, financing, tax saving etc during its 10th National Convention in New Delhi recently. The workshop provided an opportunity to discuss important issues pertaining to the technicalities involved in home buying and to protect the first-time home buyers from getting cheated. The session highlighted the need for a grading-rating system for developers to ensure transparency. Under such system, a developer will be ranked by a regulatory body after evaluating various factors such as quality control, fair corporate practices, and track record in completing projects within the stipulated time among others. Speaking on the occasion, Brig R.R. Singh (retd) said, “The grading-rating system will ensure whether a particular property has been constructed in compliance with the government norms. Such a mechanism will ensure transparency between the buyer and the developer. Real estate dealers should also be licensed so that certain amount of responsibility is passed on them. Such steps will certainly boost home buyers’ confidence.” The session was chaired by Sanjeev Srivastva, Senior Vice-President, NAREDCO.
Rs 150 cr boost for Maytas
Infrastructure leasing company IL&FS will take over the crisis-ridden Maytas Properties and pump in Rs 150 crore to revive the company promoted by the kin of disgraced Satyam founder B. Ramalinga Raju.
IL&FS, which has already taken over Maytas Infra, another company promoted by the kin of Raju, will take 80 per cent equity in the company, Corporate Affairs Minister Salman Khurshid said while briefing reporters about the Company Law Board order. The new promoters will inject Rs 150 crore in Maytas Properties over three months to revive the crisis-ridden company. Besides IL&FS, infrastructure company GVK Group had also expressed interest in taking over the company, he said, adding although expressions of interest was sought from 28 companies, only nine responded. Of the nine, IL&FS and GVK Group submitted their proposals. SBI Capital Market was the adviser for the deal. Maytas Properties, a real estate company, is engaged in developing residential properties in and around Hyderabad. It promoted Maytas Hill County project in which several non-resident Indians had booked luxury flats and villas. The new promoters, according to the CLB order, will have to complete phase-I of the Hill County project in one-and-a-half years. “It was important for us, because every year when Pravasi Bhartiya Divas takes place, they (NRIs) repeatedly keep asking us about Maytas Hill county projects. So, we were concerned and finally a solution has been found,” Khurshid said. The board of Maytas Properties would be reconstituted as the new promoter has been allowed by the CLB to induct four nominees replacing representatives of Raju family. “The IL&FS group on its induction as the strategic investor shall take over the management control of the Maytas Properties Ltd (MPL) and reconstitute the board of directors of the MPL,” said CLB Chairman Justice D. R Deshmukh in his order.
— PTI
M&M to invest 3,000 cr in Gujarat
Farm equipment-to-software group Mahindra & Mahindra plans to invest Rs 3,000 crore in Gujarat to step up presence in the hospitality and real estate sectors in the state. “Our group companies have signed six MoUs with the Gujarat Government totaling an investment of Rs 3,000 crore,” Mahindra & Mahindra Vice-Chairman and Managing Director Anand Mahindra said here at the 5th Global Summit of Vibrant Gujarat.
He, however, did not specify the time frame for these investments. Mahindra Lifespaces, the real estate development arm of $ 7.1 billion Mahindra Group, has signed two MoUs with the state government. “Mahindra World City is developing a real estate project spread across 500 acres,” he said. Another group company, Mahindra Holiday & Resorts, that runs the Club Mahindra resorts, will open seven new resorts in the state, Mahindra said, adding “all these new projects will create a lot of new jobs”.
— PTI
Tulip Infratech to invest Rs 1,600cr
Realty firm Tulip Infratech will invest Rs 1,600 crore over the next four years to develop a housing project in Gurgaon.
The company would build 2,000 apartments in the housing project Tulip Violet spread over 40 acres. “We have launched a new project in Gurgaon where we will come up with 2,000 flats in mid-income categories. The project cost would be about Rs 1,600 crore,” Tulip Infratech Managing Director Parveen Jain said. Jain said the project cost would be funded through debt, internal accruals and advances from customers. Construction would start in January next year and the entire project is expected to be completed in the next four years, he said, adding that the price of flats started from Rs 55 lakh ownwards. Jain said this was the company’s seventh project in Gurgaon. Besides Gurgaon, the company is also developing a housing project, comprising of 635 units in Sonepat, Haryana.
— PTI
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LAUNCH pad
Gulshan Homz recently launched Gulshan I Homz at Noida Extension. The project will have earth quake resistant design, rainwater harvesting, immaculate landscape, 24x7 security, power back up, amphitheatre, state of the art gymnasium, cabs on call, steam/sauna/massage rooms, indoor games, swimming pool, coffee shop, unisex salon, party hall, laundry services, club facilities and to top them all a in compound OPD, ambulance on call, doctors on call, stretcher lifts and wheel chairs for elderly and sick. The flats will be available in different sizes to suit the needs of buyers. The size of the flat starts from 870 sq ft which is a 2 BR + 2 toilets flat which is also available in 973 sq ft. With an additional servant room the same is available in 1065sq ft. A 3BR + 2 toilets start from 1205 sq ft which is also available in 1410 sq ft. With an additional toilet and a servant room the same is available in 1590 sq ft. The biggest of all is a 3BR+ 4 toilets+ Dress + servant in 1705 sq ft. The total number of units in the project would be over 1500 and the estimated worth of the project would be Rs 400 crore. Speaking on the occasion Gulshan Nagpal, MD, Gulshan Homz said, “Gulshan i Homz, is a celebration of individuality. We understand the importance of individuality and believe that every human being is a world in himself. His aspirations, decisions, choices, outlook and his dreams, make the world for him. We have tried our best to provide the best individual spaces and their dream homes to all our customers”.
Purvanchal Royal Park
Purvanchal Group has launched Purvanchal Royal Park project on Noida Expressway (GH - 004, Sector 137 Noida). According to the Chairman and Managing Director of the group Shah Alam, “The market still lacks good projects and Noida has a great potential so we have decided to launch Royal Park on Noida Expressway. We are receiving huge quires from the buyers.” At ‘Royal Park’, the residents would enjoy location advantage with lush green surroundings and seamless connectivity. Spread over 12.50 acres, it offers a pollution free high standard of living and highly supportive infrastructure of a well integrated Industrial Township. The project will have three, four and five BHK apartments and penthouses in the price range of Rs 46 lakh to over Rs I crore.
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Prosperity and love for all things ‘phoren’ is the hallmark of Punjab and Punjabis. Little wonder then that these characteristic traits of Punjabis have trickled down to their lifestyle choices as well. This fact is evident from a flurry of blue-chip projects coming up in the form of ‘integrated townships’ or luxe hospitality sector projects coming up in collaboration with multinational giants. These companies hold the promise of giving a taste of international lifestyle to Punjabis, who are willing to shell out hefty sums to enjoy this privileged lifestyle.
The project is unique in itself. You have a Radisson blue category — Five Star hotel, shopping mall with the premium international brands, the first night club of Ludhiana and 24,000 sq. ft of ballroom space — all in one property. This is MBD Neoplis for you. “It is a mixed use development of property for us. It is basically a franchise agreement that we have with the Radisson group in which we use their brand name and they will help us out in the international promotion of the project”, says Sonica Malhotra Kandhari, Director of the project. It is expected to be launched by mid 2011 with the overall intent of development to deliver a product which is for the high-end user category. “It is a very premium property for us and our target clientele is the high-end traveller and a certain degree of corporate market”, explains Sonica.
— Sheetal
Can the farmer bifurcate his income from 1987-88 to 2010-11? 
(a) I have sold an urban plot which was in my name. The sale proceeds of the plot will be received in two installments i.e. half in this financial year and the rest in the next financial year. Is the limit of Rs 50 lakh for depositing in infrastructure bonds under Section 54EC is one time limit or Rs 50 lakh can be deposited again to save LTCG tax.
— Harinder