REAL ESTATE
 



SEZ for whom — industry or realtors?
Graphic by Kuldip Dhiman Naveen S. Garewal and Ruchika M. Khanna debate the pros and cons of setting up SEZs
There has been a sudden spurt in the Special Economic Zones (SEZs) being set up in the region. When the Government of India cleared the SEZ status for the Rajiv Gandhi Chandigarh Technology Park, it was made out to be a big deal. But conservative estimates put the number of SEZs proposed in Punjab and Haryana to around 70.

AP proposes SEZs galore
But can they deliver, asks Ramesh Kandula
The Government of Andhra Pradesh is getting approval for as many as 13 SEZs in the IT sector, even while questions remain about their desirability.

SEZs to be set up in Haryana, Himachal
R. Suryamurthy

Real estate seems to be booming in the northern region. With each passing day new projects are coming up in the area. Reliance plans to set up SEZs in Haryana and Punjab made big news recently and ran into controversy. But there are other players also in the fray.

Rahejas to set up SEZ in Haryana
Manoj Kumar

After the announcement of Reliance to set up a special economic zone (SEZ) in Haryana, the Raheja Developers have announced to develop another multi-product SEZ spread over 5000 acres on the National Highway 8 near Gurgaon, estimated at an investment of over Rs 25,000 crore over the years.

UT simplifies property transfer
Rajmeet Singh

The process of buying property in Chandigarh has changed for good. Fifty years since the inception of the first planned city of the country, the Chandigarh Administration has allowed that anybody buying leasehold or freehold residential and commercial property can get it registered in his own name, irrespective of the building violations or misuse of the premises.

Admn may review UT Apartment Act
Sanjeev Singh Bariana

The Chandigarh Administration is reviewing rules of the Apartment Act in comparison with other states, particularly big metropolitans, including New Delhi, Mumbai, Kolkota, Bangalore and certain other cities.

Fixed and floating interest rates fly north
R. Suryamurthy

The dream of owning a home may remain a dream for Manisha, a schoolteacher, as the housing loan rates are set to become dear. Reserve Bank Governor, in his quarter review of the monetary policy, has hiked the short-term interest rate by 0.25 per cent, forcing the banks to revise its home loans.

Tata to launch real estate MF
New Delhi:
Tata Mutual Fund is set to launch a Real Estate Mutual Fund scheme and is awaiting regulatory approvals.

TAX tips
Co-borrower can’t avail tax benefit from house loan
By S.C. Vasudeva

Q. The plot is in the name of my husband on which we have constructed house after taking house-building loan from HDFC. My husband had been taking benefit for income tax and has retired.



 

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SEZ for whom — industry or realtors?
Naveen S. Garewal and Ruchika M. Khanna debate the
pros and cons of setting up SEZs

There has been a sudden spurt in the Special Economic Zones (SEZs) being set up in the region. When the Government of India cleared the SEZ status for the Rajiv Gandhi Chandigarh Technology Park, it was made out to be a big deal. But conservative estimates put the number of SEZs proposed in Punjab and Haryana to around 70.

SEZ ensures 
* Duty free import/ domestic procurement of goods
* Uninterrupted power supply
* Permission to build independent power plants
* Single window clearances
* Custom benefit and tax exemption for 10-15 years on following: - central sales tax / VAT, service tax, purchase tax, property tax, stamp duty, income tax exemption on export income

At present there are 28 SEZs operational in the country. Tamil Nadu has the highest number of SEZs (seven), followed by five in Gujarat and three each in Andhra Pradesh and West Bengal. Besides this, 95 approved SEZs are in the pipeline. Of the over 180 formal and informal approvals for SEZs given by the Board of Approval for SEZs, only 10 have been notified. Exports from SEZs have grown by 30 per cent to RS 22,000 crore.

The SEZ Act was envisaged for promoting industry. According to the estimates made by the Commerce Ministry, the SEZs would attract Rs 1 trillion in the next few years and generate employment of up to five lakh. So far, SEZs have contributed 5 per cent to the total exports from the country.

But there is now a growing feeling among various segments of business and industry that so many SEZs might not see the light of the day and most of these projects will end up being mere “real estate deals” for realtors or big industrial houses, promoting them.

There is no doubt that so many SEZs in the region will invite industry from not only within the country, but also multi-nationals from overseas. But the real apprehension is that will so many SEZs actually come into existence? Or will some companies take this opportunity to get land at cheap prices and later use or sell it for purpose other than for which it has been allotted.

Experts in some areas, like Mr Kiran Karnik, NASSCOM chief, during his recent visit to Chandigarh, said that SEZs were not necessary for growth of industries such as IT. “The SEZ policy is intended to promote the builders and realtors, but is not good for promoting exports and development of small businesses. Small companies, which have just started their operations, cannot invest huge sums in infrastructure to shift base into SEZs. We instead recommend strengthening and widening the scope of Software Technology Parks of India to help the small entrepreneurs, by dedicating a part of their facility to starters,” he said.

The issue of misuse of SEZs status apart, even if half the numbers of SEZs come into existence, this will emerge as a tremendous opportunity in terms of growth for real estate in the region. The SEZs would provide employment opportunities to hundreds of people, each one of whom would require an abode in the vicinity of his or her workplace. The number of apartments, schools, hospitals and entertainment centres like multiplexes, etc to support the SEZs would increase manifolds. It is, however, for the respective governments to ensure that the development takes place in a projected manner with SEZs coming up first and the supporting infrastructure coming up immediately after. But if it happens the other way round, it could be disastrous for the region’s economy.

It is thus that the ministry had recently announced a cap on the number of SEZs to 150. However, both Haryana and AP have opposed the move. The two states have now requested to the Commerce Ministry to remove the cap. Both states are attracting a number of foreign direct investment proposals and other important players like Reliance and DLF. In order to ensure that these projects are set up in the state, they are now pushing for the approval of SEZ status for these investments. 

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AP proposes SEZs galore
But can they deliver, asks Ramesh Kandula

The Government of Andhra Pradesh is getting approval for as many as 13 SEZs in the IT sector, even while questions remain about their desirability.

“We are pro-actively pursuing with the Government of India for promoting SEZs in the IT sector as they offer convenience and incentives to entrepreneurs,” says Ms Ratna Prabha, Principal Secretary, Communications and Information Technology Department, Government of Andhra Pradesh.

While four SEZs are coming up in the public sector, the rest will be developed by the private sector. Two government IT and IT-enabled services SEZs have been approved at Madhurawada in Visakhapatnam. Two others were sanctioned at Nanakramguda in Hyderabad and one at Gannavaram near Vijayawada. They would come up over an area of 85 hectares and had an employment potential of 62,000 jobs.

Private players, who already obtained approvals for their ventures, are Satyam Computers, whose three projects were cleared at Qutbullapur, Kapulauppada and Serilingampally. Computer Associates India, AP Techno Projects and K. Raheja IT Park were three others permitted at Serilingampally.

Wipro Technologies and K. Raheja IT Park are coming up with their SEZs at Manikonda and Pocharam villages of RR district. These SEZs will have not less than 135 lakh sq ft of processing area and would generate direct employment for 3.42 lakh persons.

According to Ms Prabha, the SEZs, being ready to occupy facilities combined with other amenities available in a township, will have lot of potential for the growth of the IT sector. Besides, there are a host of incentives in the form of 0 per cent duty for imports and no central excise, sales tax exemption and CST reimbursement.

Another feature that makes SEZs attractive to corporates is that the existing tax exemptions for export-oriented units set up in non-SEZ areas such as software technology parks are due to expire in financial year 2009, while SEZs will enjoy the same till 2015.

To the criticism that small companies would not be able to pay large funds to acquire space in these SEZs, the IT Principal Secretary said the developers would have to make the lease rates competitive for their own survival.

“Most of the private developers will try to attract foreign companies to their facilities, as these are the ones who look for a readily available space and are prepared to pay higher amounts,” explained Ms Ratna Prabha

However, Nasscom president Kiran Karnik’s contention that the stipulation of a minimum of 25 acres for setting up a SEZ has put small IT software companies at a disadvantage seems to be true, given the fact only the biggies are in the race for IT SEZs.

Besides the above mentioned IT majors, it is the large construction companies such as Salarpuria Group, Mantri Developers and Prestige Group, who are into SEZs in Andhra Pradesh. “These companies see huge opportunity in this sector and are approaching us. We are only expediting the process (of approvals for SEZs),” the Andhra IT Principal Secretary justified.

Interestingly, neighbouring Karnataka, which is leading the IT industry in the country, does not have a single SEZ in the IT sector approved till date. It is in this backdrop that doubts are being expressed over AP going overboard on SEZs.

Though representatives of Hyderabad Software Exporters Association (Hysea) are not willing to make a comment, many in the industry feel that several of the promoters of the proposed SEZs are more interested in obtaining the land from the government to be used for commercial purposes in future, not necessarily for software exports or IT-enabled services. 

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SEZs to be set up in Haryana, Himachal
R. Suryamurthy

Real estate seems to be booming in the northern region. With each passing day new projects are coming up in the area. Reliance plans to set up SEZs in Haryana and Punjab made big news recently and ran into controversy. But there are other players also in the fray.

One of them is DS Construction, which has plans to set up two SEZs in Haryana and Himachal Pradesh at an estimated cost of Rs 12,000 crore.

The SEZs in Haryana and Himachal Pradesh are going to be developed along the lines of some of the internationally known SEZs such as Jabel Ali in Dubai, Shenzhen in China, Europark Mielec in Poland. DS Constructions will also explore the possibility of tying up with an international partner, said Mr M.S. Narula, managing director, DS Constructions Ltd.

“The SEZs will lead to infrastructure development, increase in Foreign Direct Investment (FDI) and will generate direct and indirect employment of close to 5 lakh during different stages of development in these two states,” he said.

The SEZ in Haryana will be situated near Faridabad, whereas in Himachal it will be set up in Kangra District.

The SEZ in Haryana will be spread over an area of 5000 hectares (12500 acres) at an estimated cost of Rs 10,000 crore.

The SEZ in Himachal will be spread over an area of 1000 hectares (2,500 acres). The estimated cost of the project is Rs 2,000 crore.

He said in the Haryana SEZ, 2,000 hectares of land (40 per cent) will be demarcated for developing service areas and infrastructure, such as open spaces, green areas, roads & walkways, public utilities, administration blocks and inland container depot.

In the Himachal SEZ, 400 hectares (40 per cent) area will be allocated in developing service areas. As many as 125 hectares will be allocated to greens, 185 hectares to roads & pathways, 40 hectares to administrative blocks and 50 hectares to public utilities.

The SEZ in Haryana will be housing varied industries within it. 1,700 hectares (35 pc) of the area will be utilised for setting up of light industrial units, including auto components, pharmaceuticals, food processing, printing and publication, electrical and electronic goods, garments, value addition processing units, gems and jewellery, toys and sports goods, handicrafts and trade and business enabling industries.

The multi-product SEZ in HP would comprise of industrial units such as agri and agro-based industry, food processing, IT & BPO, pharmaceutical, auto components, light Engineering, value adding processing units, healthcare, electrical and electronic goods, garments, tourism, trade & business enabling services, over an area of 350 hectares.

However, he said efforts would be made to promote medical tourism by providing state-of-the-art infrastructure facilities in the Himachal SEZ. Mr Narula said the company would be setting up a met city in the SEZ. DSC will also explore the possibility of tie-ups with the top two or three hospitals there.

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Rahejas to set up SEZ in Haryana
Manoj Kumar

After the announcement of Reliance to set up a special economic zone (SEZ) in Haryana, the Raheja Developers have announced to develop another multi-product SEZ spread over 5000 acres on the National Highway 8 near Gurgaon, estimated at an investment of over Rs 25,000 crore over the years.

“The company’s projects in Haryana alone are to the tune of Rs 700 crore and its upcoming SEZ project near Gurgaon will see investments of Rs 25,000 crore and above,” said Naveen Raheja, MD, Raheja Developers.

As part of the gvernment’s SEZ dvelopment project, he said, “We have been granted ‘in principle’ approval for developing a multi product SEZ near Gurgaon on 5000 acres of land along National Highway 8 and 327 acres in Gurgaon.”

Both these locations are much more strategic than all other SEZ’s. To be constructed at the cost of Rs 25,000 crore, the SEZ will be a boon for the IT/ITES, electronics, auto and its ancillaries, biotechnology, textiles and garments, education, medical tourism, gems and jewellery, food processing, pharmaceuticals, construction, tourism and retail industries.

Raheja Developers have projects spread across Delhi, Gurgaon, Manesar, Nainital in Uttranchal and Panipat and Dharuhera.

The company is also in the process of raising about $ 500 million from the alternative investment market (AIM) of the London Stock Exchange in the next three-four months.

The Raheja group will also reportedly float a special purpose vehicle (SPV) for a particular project that would get listed with the AIM in three months.

Sources said the primary advantage of listing with AIM was that it did not require a minimum public shareholding, prior trading record and minimum market capitalisation. 

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UT simplifies property transfer
Rajmeet Singh

The process of buying property in Chandigarh has changed for good. Fifty years since the inception of the first planned city of the country, the Chandigarh Administration has allowed that anybody buying leasehold or freehold residential and commercial property can get it registered in his own name, irrespective of the building violations or misuse of the premises.

Property owner-friendly decisions
* Coverage area of 150 sq ft allowed in rear courtyard of marla houses
* Three-feet cantilever allowed in marla houses
* Transfer of residential and commercial property simplified
* Issuing of NOC for property transfer not to be linked with case of building violations or misuse
* Instead of GPA, the buyer can get the property registered
* Hundreds of cases as old as 15 years to benefit from the decision

Earlier the seller just handed the right of a General Power of Attorney (GPA) in favour of the buyer. This was legally risky and in the event of the death of the GPA holder, the family was made to do endless rounds of the courts and the Estate Office of Chandigarh. It had also led to several property disputes.

It also had an impact on the rates as people were sceptical of investing huge sums to buy a property which was not going to be transferred in the names in the records of the Estate Office. And in case of the building bylaws violations or case of misuse of property pending in the court of Estate Office, the No Objection Certificate (NOC) was not issued for allowing transfer of property.

“Now the seller can get full value of their properties. The government would also get stamp duty and registration fee. The old archaic building byelaws are redundant,” said Mr Amarjit Sethi, who deals in real estate.

The Estate Officer, Chandigarh, Mr R.K.Rao, said it was a long-pending demand of the property owners. It was a hurdle, which did not allow transfer of property. In many cases, the buyer could not take action against the tenants who had done violations of the building bylaws, as he possessed a GPA. This had been seen in case of commercial properties in Sector 17. All the buyer would have to do was give an undertaking about the violation before the Assistant Estate Officer (AEO).

Mr Rao said the process has been simplified. “This does not mean that violations would be regularised. The buyer would face the proceedings of the AEO court as was being done by the previous owner. The proceedings of any sort of violation would be de linked with the issuing of the NOC. The NOC was not issued till the violations were not removed.”

Earlier, the investors had wait for months together to get the NOC so that they would transfer the property in their name or apply for conversion from leasehold to free hold or mortgage their property. In many case, the properties were bought and sold on General Power of Attorney (GPA). Complaints were often received that bribe had to be paid to clear the objections.

In the past one-month, about 10 owners of property have already approached the Estate Office in this regard.

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Admn may review UT Apartment Act
Sanjeev Singh Bariana

The Chandigarh Administration is reviewing rules of the Apartment Act in comparison with other states, particularly big metropolitans, including New Delhi, Mumbai, Kolkota, Bangalore and certain other cities.

The report of a working group constituted by the Administration is studying the feasible changes, if any and its likely impact on the urban image of Chandigarh in future. The growth of infrastructure is one of the key areas of interest to the group.

Introduced by Administration in 2001, the Act empowers the residents to sell their houses floor wise.

The Administration has included experts from various fields to make the deliberations more fruitful. The decision taken in June earlier this year gains a greater importance because of the recent controversy in the city with a group of eminent persons from different walks of life meeting the Congress president, Mrs Sonia Gandhi, and seeking her intervention to stop the city from becoming “another chaotic metropolitan”.

The group included Mr M.N. Sharma, a former Chief Architect, Maj-Gen Himmat Singh Gill, a security analyst, Prof R.P. Bambah, a former Vice-Chancellor of Panjab University, Ms Madhu Sarin, a development planner, Mr M.L. Sarin, a former Advocate-General of Haryana and Ms Babli Brar, a member of the Punjab Pradesh Congress Committee.

Another group comprising a cross-section of the city population has asked Mrs Sonia Gandhi not to stop the city on its road to progress. “Chang is the need of the hour. The youth are looking for better employment opportunities which have come in guise of IT Park. The conversion in the Industrial Area will also lead to major changes in facilities available and the potential for more employment. This will mean more population pressure on the city which needs related changes in the concerned Acts,” Mr M.P.S. Chawla, president of the Chandigarh Industrial Association, said.

The need to restudy the apartment rules needs a special mention in context of the proposed additions in the city infrastructure and other major project constructions. These include Rajiv Gandhi Chandigarh Technology Park, Theme Water Park, Film City, and Botanical Garden.

Any change in the Apartment Act will have a definite impact on the future development, experts feel.

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Fixed and floating interest rates fly north
R. Suryamurthy

The dream of owning a home may remain a dream for Manisha, a schoolteacher, as the housing loan rates are set to become dear. Reserve Bank Governor, in his quarter review of the monetary policy, has hiked the short-term interest rate by 0.25 per cent, forcing the banks to revise its home loans.

By raising the repo rate, RBI Governor YV Reddy is essentially telling banks they must lend cautiously, and lend less. The credit policy has hiked repo and reverse repo rates (at which the RBI lends to and borrows money from banks) by 0.25 per cent each to 7 per cent and 6 per cent, respectively.

What this would result in and how does this affect people seeking home loans? As money gets tighter, bankers will be forced to push up home loan rates by 0.25-0.5 per cent in the next couple of weeks. On a 20-year loan, every 0.5 per cent increase in the interest rate will push up your EMI by Rs 32-33. During the first seven months of the current year, ICICI Bank and HDFC had upped their interest rates by 1.5 per cent and 1 per cent.

The National Housing Bank, the home loan refinancing arm of the RBI, has said that it may increase refinance rates by 25-50 basis points - a hike that housing finance companies will pass on to borrowers.

This is the second time since June that the RBI has increased key rates. The central bank had last raised its key rates on June 8, 2006 by 25 basis points. Lending rates on retail loans - especially home loans - have already risen by over 1 percentage point since January.

This has fuelled the debate - should home loan borrowers go for fixed or floating interest rates? If the trend persists, a percentage point rise can be expected over the next year, if not at one go, spread over the next few quarters.

But before the dream of owning a home gets shattered, borrowers should weigh what options he/she has.

Fixed rates

Fixed rates are so called because they remain fixed for duration of time and not because they remain fixed for the entire tenure of the loan. Most banks have a vaguely-worded clause attached to the fixed rate loans, which generally states that they would amend this rate subject to market conditions.

The fixed loan rate scheme for home loans come with a “Force Maejure” clause which means that the bank is authorised to alter the given fixed rate in the event of any major volatility in the interest rates during the period of the loan. A loanee should therefore be prepared for a change in the said “fixed” rate, during the tenure of his or her loan.

What this means is that banks are protecting themselves in two ways. They are charging a premium to protect them in the long term and also reserve the right to make changes in the very same “fixed” rates, in the short term.

Floating rates

The other option for loan seekers is the floating interest rate. This is the more popular option. The interest rates changes subject to market conditions. Each bank fixes a reference rate, above which the rate cannot rise. The actual rate is calculated at a discount of 1-2 per cent depending on the policy of the loaner.

Each bank has its own reference point. Some banks link their home loan rates to their deposit rates, while others link it to Mumbai Inter-Bank Offer Rate or MIBOR, which acts as a market-determined transparent rate.

This option is more popular simply because the immediate gains are more. Even so, the offer document must be scrutinised carefully before taking a final decision.

Options for borrowers

If you have opted for a fixed rate loan at the inception of the loan, it does not mean you cannot switch to a floating rate loan in the future and vice versa as well. Moreover, a loanee can transfer his or her loan to another bank or financial institution offering a better rate subject to pre-payment charges which each loaner levies.

Though interest rates are on the rise and the choice between fixed and floating rates can be mind boggling to a layman, it’s the fine print that carried the detail and must be read carefully before any decision is made.

If your outstanding term is below ten years, you may be better off staying with a floating rate, as you will benefit from the lower floater for a few more months. As your tenure is short, the initial savings may work to your benefit.

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Tata to launch real estate MF

New Delhi: Tata Mutual Fund is set to launch a Real Estate Mutual Fund scheme and is awaiting regulatory approvals.

“We are ready with our plan for the real estate scheme, however, awaiting market regulator to effect amendment in SEBI (Mutual Funds) Regulations,” Tata Assest Management Ltd, MD Ved Prakash Chaturvedi said.

The fund would be in the market for subscription two months after the final approval from SEBI, he said.

“Since guidelines were finalised last month, by December Tata may have its scheme in the market,” Mr Chaturvedi said. — PTI

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TAX tips
Co-borrower can’t avail tax benefit from house loan
By S.C. Vasudeva

Q. The plot is in the name of my husband on which we have constructed house after taking house-building loan from HDFC. My husband had been taking benefit for income tax and has retired. Now he does not require to take benefit. I am co-borrower with my husband; my husband’s name at number one and mine at number two. Please intimate if now I can take benefit for the principal and interest paid, while filing income tax return for the assessment year 2006-07. Please also intimate if deduction can be claimed under Section 24 of the Income Tax Act for the interest paid and what is maximum amount of principal for taking benefit.

Jasmeet Kaur Dhillon, Amritsar

A. Section 80C of the Act provides for the deduction from the total income of a sum (not exceeding Rs 1,00,000) which has been paid towards the repayment of an amount borrowed by an assessee for the purposes of purchase or construction of a residential house property, the income for which is chargeable to tax under the head “income from house property” or which would, if it had not been used for assessee own residence have been chargeable to tax under the head. The facts as given by you clearly indicate that plot was in the name of your husband and the house was constructed on the said plot with borrowed funds. The income from property even if it was self occupied, would have been declared in the tax return of your husband. He had therefore rightly claimed the deduction for the interest as well as for the instalments paid towards the repayment of the house-building loan. On a careful read of Section 24 of the Act as well as Section 80C of the Act in my opinion, the deduction in respect of both the interest and the installment can be claimed only by your husband. This is on the basis of the facts given in the query.

Rebate claim

Q. I had taken an house building loan amounting to Rs 3,60,000 from Himachal Pradesh Government for the construction of a house during August 2000. The recovery has started from my salary w.e.f. January 2003 @ Rs 3,000 p.m. Can I claim a rebate as interest under Section 24 of IT act on accrual basis and principal amount under Section 88 for the assessment year 2006-07?

The DDO is disallowing my claim of rebate on interest on the ground that the recovery of interest would be made and allowed after the recovery of principal amount.

Is there any provision to claim a rebate on the interest simultaneously along with the principal amount on accrual basis for the loan taken from Himachal Pradesh Government?

If yes, kindly intimate the procedure and amount to claim a rebate. My annual income is Rs 2.2. lakh and deduction towards GPF is Rs 80,000 PA.

Y.S. Chauhan, Kangra

A. Section 24 of the Act provides that income chargeable under the head “income from house property” shall be computed after making a deduction for the amount of any interest payable on the amount borrowed for the purposes of acquisition, construction, repair, renewal or reconstruction of the house. Accordingly, in my view it should be possible for you to claim the deduction for interest on accrued basis against the income from house property. In accordance with the provisions of Section 192 (2B) read with Rule 26B of the Income-tax Rules 1962 (the Rules), you can claim the deduction of the payable interest against income from house property. The D.D.O. will have to take said income into account for the purposes of inclusion in your total income and deduction of tax at source. There is no particular performa prescribed by the Rules for declaring the income from house property but any statement so filed with the D.D.O. will have to be verified as under:

“I _____________ (name of the assessee) do declare that what is stated above is true to the best of my information and belief.”

Income on ancestral property

Q. My queries are as under:

1. If a senior citizen has a total taxable income of less than exemption limit of Rs 1,85,000 in addition to non-taxable agriculture income during the financial year 2005-06, is it compulsory for him to file IT return.

2. Is a major married son entitled to total income of his father’s ancestral agricultural land when he cultivates it according to the girdawari entered to his name in the official revenue record?

Narinder Singh, Hoshiarpur

A. The answers to your queries are as under:

1. In accordance with the provisions of Section 139 of the Act, any person whose total income exceeds the maximum amount, which is not chargeable to income tax, is required to file a return of income by the specified date. Since your total income is below the maximum chargeable amount, there is no liability for you to file the income-tax return.

2. The ancestral agricultural property will have to be treated as a joint family property. The income from ancestral agricultural land therefore will be treated as joint family income and is capable of being utilised by all members of the joint family.

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