The Telegraph - Calcutta : Business

| Monday, January 08, 2007 |

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Q&A

Money trap

I have invested Rs 5,000 in CRB Corporation’s Power Bond on March 22, 1997. The company subsequently got involved in some scam. I had paid the money through demand draft in favour of CRB Power Bond Issue, but did not receive any bond certificate. How can I get back the money'

B.B. Swain, Calcutta

CRB Corporation is in deep trouble. However, Delhi High Court, in an order dated January 24, 2006, had ruled that the company should pay back money to investors who had put in Rs 5,000 or less in fixed deposits or bonds issued by it within nine months. If you have not received the money, you can approach the Securities and Exchange Board of India and the Company Law Board. However, you may need to show the draft number and the acknowledgement slip of the bond application form as proof to establish your claim. It may be difficult if you have not received any bond certificate.

Land deal

I have some land that the local municipality intends to purchase for Rs 20 lakh. Though this value is much less than the current market price, I agreed to sell the land at the offered rate. How can I invest the sale proceeds without attracting capital gains tax'

Dhrubendra Deb Roy, Hooghly

You can invest the amount from the land sale in purchasing a house within one year or in capital gains bonds of National Highway Authority of India or Rural Electrification Corporation of India within six months from the date of transfer of the land.

Be in form

If I get yearly interest of Rs 50,000 or more from one branch of a bank in my name alone, would tax be deducted at source inspite of giving form 15G'

Pradip Chakrabarti, Calcutta

You should use form 15H instead of form 15G for claiming non-deduction of tax at source in case of interest income on bank deposits. Second, you should file the filled-in form before the interest is credited to your account by the bank. If the bank doesn’t receive your Form 15H before the interest is credited to your account, it will deduct tax on the same.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.