Yes, apartment dwellers can also communicate with nature Before buying or selling property, here’s what you should know about taxes
With vertical living on the rise and gardens becoming a rare sight, today terrace gardens are a perfect way to spend time with nature in concrete jungles. Some of the popular terrace garden plants are money plants, bamboo, palms, tulip bulbs, hyacinths, rose plants, orchids, lavender, sunflowers, petunias, pansies and bonsai plants. Rhoeo, dracaena, spider grass, bamboo grass, ferns, kale plant and aboli are equally in demand. Seasonal and perennial flowers like lilies, champa, mogra etc add a magical fragrance and cool element to the environment.
One can also have herbs such as lemongrass, aloe vera, brahmi, ashwagandha (Indian ginseng), citronella (that keeps bugs away) and tulsi plant for positive energy, medicinal bennefit and the special flavour.
Rekha Krishan, who has an n inherent instinct for gardenning talks about the pleasurere of having a green abode in her er Hauz Khas residence. “These se months are ideal to plant seeds and watch the vibrant blooms of petunias and impatiens brighten your green space. One can plant iceberg lettuce, coriander, pudina, lemon, lady’s fingers, tomatoes, cauliflower, eggplant etc for a taste of homegrown fresh veggies,” she says.
How much money you want to spend on the garden depends on how you want to do it up. Save by using the seeds from the previous year. Waterproofing and effective drainage solutions add to costs but make sure damage to the floors below is avoided.
Ace interior designer Payal Kapoor has a two-level terrace garden at her residence in Safdarjung EnclaveEnclave.
“Planning is a must to create the perfect open place. For a terrace of 1,800 sq feet one can look at spends of about ₹ 5 lakh to ₹ 7.5 lakh. Placement of plants is important and thorny plants like cycas palms, jade, cactus and asparagus need to be put in the south direction. Phycus, benjamina, frangipani and seasonal plants can be grown in areas of your terrace getting direct sunlight. Plants which need shade and should be grown in covered areas are dracaena, money plants, monstera, dieffenbachia, palms, and philodendrons,” Kapoor says.
“Water bodies, if any,
should be planned in the north and east sideside. Branches of the tall plants can be used for hanging ornamental decorations. Ensure you have an overhead frame of green net to protect plants from the harsh sun. It’s best to have sloped floors to avoid water logging. One can also set up gazebos, ‘ jhoolas’, glass atriums and make seating arrangements in cor ners in a terrace garden. Place a birdwatch and bowls of water for birds,” she
Buying a property is one of the most important and long- term investment decisions taken by an individual. In 2013, with an intent to track high value real estate transactions, the government introduced TDS (tax deducted at source) provisions for a property buyer.
Hence, with effect from June 1, 2013, a buyer of an immovable property (other than rural agricultural land) valued at ₹ 50 lakh or more is mandatorily required to deduct TDS at the rate of 1% from the amount payable to a resident transferor. The TDS deducted would have to be deposited with the government treasury within the stipulated time period.
It would be pertinent to note that where the seller of property makes a loss or makes a tax-saving investment to claim long-term capital gain exemption, he may not have to pay tax on the capital gain. In such a case the seller would have to claim a refund in his return of income for the tax deducted by the buyer.
We have discussed below certain key points the buyer needs to keep in mind while deducting tax on purchase of property:
he buyer is required to deduct TDS at t he t i me of making the payment. TDS has to be deducted on the sale consideration. The date of transfer of property is not relevant. Even in case of advance payments, or payments by instalments, TDS would be required to be deducted.
should be deducted on the consideration and not just the amount exceeding ₹ 50 lakh. For example, if a property is sold at ₹ 80 lakh, TDS would be required to be deducted on ₹ 80 lakh and not just ₹ 30 lakh.
buyer should deposit the amount deducted into the government treasury within a period of seven days from the end of the month in which the deduction was made. Delay in deducting/ depositing tax would attract interest as under: Interest at the rate of 1% per month from the date the tax was deductible till the date the tax was deducted. Interest at the rate of 1.5% per month from the date the tax was deducted till the date of payment. A deductor of tax is required to mandatorily obtain a Tax Deduction Account Number (TAN). However, in the case of purchase of property, the buyer is not required to obtain a TAN. I had entered into a lease for a term of five years, over six months ago. Due to certain unavoidable circumstances, the lessor and I were unable to get the lease deed registered. Now we want to get the same registered. How should we proceed?
–Vinod Bajaj As per the Indian Registration Act, 1908, a lease deed of lease term exceeding 11 months has to be compulsorily registered within a period of four months from date of execution. However, in exceptional cases if the delay was due to unavoidable circumstances, an additional period of up to a maximum of four months may be granted by the registrar, on payment of the prescribed fine. You should file an application related to the same with the sub-registrar’s office within whose jurisdiction this property is located. I booked a flat in a project by a reputed builder in Noida. The builder has been telling the flat owners that since the completion certificate has not been issued, possession cannot be handed over. Recently, we got to know that the completion certificate has been received, what remedy do we have?
–Hitesh Mehta The builder is required to hand over possession and execute conveyance deeds in favour of allottees once the construction is complete and the relevant approvals including comple- The buyer is required to quote his or her Permanent Account Number (PAN) and the seller’s PAN. In case PAN of the seller is not available, minimum TDS at the rate of 20% is required to be deducted.
buyer of the property (deductor of tax) has to furnish information online on the transaction on the TIN website, ie in Form 26QB. The information has to be transmitted electronically and not manually.
is important to ensure that the PAN of the buyer and seller are correctly mentioned in the form. There is no online mechanism for subsequent rectification. In case of any error while filing the form, the buyer will have to approach the Assessing Officer or CPC-TDS for rectification of errors. w
there are more than one buyer or seller, Form 26QB has to be furnished for each of them. The tax withholding provisions would apply for the following cases as well:
Where the cost paid by each buyer is less than ₹ 50 lakh,but the overall transfer amount is tion/occupation certificate is received from the authority. You may approach the consumer forum. I wish to book a residential plot in Sector 77 in Faridabad in a newly announced scheme by the authority. I have been told that since I already own a plot in Faridabad, I cannot book a second plot. Please confirm.
– Subhash Godara From your question it is not clear whether you bought the plot through a scheme by Haryana Urban Development Authority (HUDA) or through resale. As per the scheme of HUDA, generally, any individual who has ever been allotted a plot of land directly by HUDA in Urban Estate Faridabad is not entitled to apply for plots. However, those who have acquired a residential plot in HUDA area through purchase from open market or through re-allotment or those who own group housing flat or any kind of nonHUDA residential property in Urban Estate Faridabad can apply for allotment as per this scheme. ₹ 50 lakh or more, Where the cost received by each seller is less than ₹ 50 lakh, but the overall amount is ₹ 50 lakh or more.
successfully providing details of the transaction, the deductor can: Either make the payment online (through e-tax payment option) immediately ; Or make the payment (net-banking account) by visiting any of the authorised bank branches.
the tax is deposited and Form 26QB is filled, the buyer is required to issue Form 16B (ie the TDS certificate) to the seller of the property. Form 16B can be downloaded from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc. gov.in.
It would be worthwhile to note that failure to comply with the withholding provisions would attract interest and penalty for the buyer.