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V Nagarajan: Norms for inherited property while filing the income tax return
November 26, 2017
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I have inherited ancestral property in Bengaluru after the demise of my parents. My sister and myself are the legal heirs. Will it be included as deemed rent in the IT return? How do we treat this while submitting IT returns? Please clarify. Anantkumar, Dubai.
When you own two or more properties and if any property remains vacant and not self-occupied by the owner, it will be treated as a ‘deemed let out’ property. A notional rent will be computed for income-tax purposes. Since you and your sister are the owners of the inherited property, you will have to declare the notional rent in respect of the ancestral property in the proportion of your respective share in the property.

I sold a flat bought in Hyderabad in 2016 and reinvested in another flat this year. However, the possession of this flat is expected only in 2018 now as the developer has delayed the project. Do I have a remedy against the developer now? Hidayath, Sharjah
It is not clear whether the project has been registered under RERA or whether the project comes outside the purview of RERA depending on the regulation in Hyderabad. However, RERA insists that in case of delay in completion of projects, liability imposed on the developers to pay interest to the consumer is a direct remedy available to you.
The Act now obliges the developer to park 70 per cent of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the booking money diverted to another project. Additionally you have a remedy through consumer redressal forum to seek compensation for deficiency in service which includes delay in giving possession of the house.

Our parents died without leaving a Will for the property. While the legal heirs are now disputing over the property, one or two beneficiaries are willing to relinquish their rights. What is the legal remedy to resolve this issue? Ramesh Krishnan, Dubai.
If your parents died intestate and there is a dispute between the legal heirs, they will have to approach a competent court, having jurisdiction to settle the dispute. As you mentioned, if some beneficiaries are willing to relinquish their rights to a property in favour of another legal heir, banks and other debtors may insist on NOC from other legal heirs.
 
Notes:

Logistics sector

 
The government has given infrastructure status to logistics sector. This is likely to attract more funding at competitive rates. The government has been working for quite some time to attract more investments into transport and logistics as part of efforts to bolster infrastructure development in the country.

The infrastructure status would help the logistics sector get credit at competitive rates and long a long-term basis, as rising logistics cost impacts global competitiveness of exporters. Logistics costs of exports are very high in India and so Indian goods are less competitive.

The definition of logistics includes industrial parks, warehouses, cold storages and transportation. Logistics infrastructure includes multimodal logistics park comprising inland container depot (ICD) with minimum investment of Rs 50 crore and minimum area of 10 acre.

A cold chain facility having an investment of at least Rs 15 crore as well as warehousing facility with investment of minimum Rs 25 crore would come under logistics infrastructure, in both cases, the facilities should also have a minimum required area.

Chennai is one of the top 10 global automotive clusters, and this sector continues to attract interest across various automotive ancillary units. The automobile and engineering companies already established in the state are actively deploying their expansion plans. Large original equipment manufacturers (OEMs) are insisting that their suppliers set up their facilities near their plants to enable them to maintain inventory support for just-in-time production.
For the current financial year, TN has a potential investments pipeline of over INR 19,033 crore. Since 2015, the state has seen over 46 investment proposals with cumulative investments of approx. INR 37,381 crore.
 
The resulting employment commitment from industries is over 30,000 direct jobs in the semi-skilled / skilled and unskilled categories. Apart from industrial activities, the logistics and warehousing industry is extremely upbeat in the state and keeping the market active.

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The author is a business analyst
covering Indian property markets

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