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04 KALEIDOSCOPE ERGO Monday, March 30, 2009

Ask your query


During the FY 2007-08 I was deducted extra
tax amount from my employer. I then provid-
ed the investment proof and received
Form-16 with tax refund mentioned. My SA-
RAL with the tax refund Rs. 5876 is filled, but I
am yet to receive my tax returns. How long
The house at 20%
discount goes to...
does it take to get this amount? In last few
years, I used to get the refund within six
months.
Hemalatha Jayakumar, CTC
There is a lot of delay in the reimbursement.
But the government does pay an interest for
the period. Things can be expedited if the val-
ue of reimbursement is very high, by paying
something extra. Your auditor/ tax filing assis-
tant may help you with this.
For amounts lesser than 10,000, the best
thing to do is wait. So have patience.
Now, get your dream home at a rate lower than the market price
(For queries related to personal finance, mail
your queries to finergo@goergo.in, with ‘doctor’ as
the subject line)
PRADEEP YUVARAJ
pradeep@finerva.com

Quiz
T
he above reference is the sale
(by means of auction) of a
seized property. By seized we
1: Annuity is paid to the customer in what mean real estate property
intervals which has been taken over by the
Daily bank or a financial institution from
Monthly the owner for defaulting on the loan
Quarterly repayment. Till 2002, when the SAR-
Yearly FAESI Act (Securitisation and Recon-
2: AUM stands for struction of Financial Assets and
Average Unit Margin Enforcement of Security Interest
Annual Utilization of Money Act) was enacted, banks had no ways
Assistant Unit Manager to recover value out of NPAs (Non
Asset Under Management Performing Assets) or those who take
(Send your answers to finergo@goergo.in or loans but do not repay.
SMS to 92813 98889. For example, if you choose With SARFAESI banks can recover
A as the answer to question 1 and B as the these assets without the intervention
answer to question 2 type it as 1A2B and send it. of the court. If a person does not pay
Winner will be chosen by lucky draw from all back his loan on a housing property,
correct answers and get a free book on mutual vehicle or any other mortgaged as-
funds) set, the bank can seize the same and
recover its dues by three means:
Answers for last week’s quiz Take possession of the security; sale
ADR – American Depository Receipt or lease or assign the right over the
ATM – Automated teller machine security or manage the same or ap-
point an individual to manage the
same.
Word in Word More recently many banks have
started seizing houses/commercial
properties and selling them to
HDFC is Most Valued Bank buyers by means of auction. If you
could get into one of these auctions
Private Sector lender HDFC recently over- and bid successfully then you could
took ICICI Bank as the country’s most valued be the owner of a house at a price
private sector bank, this was after its shares considerably lower than the market
surged over six per cent on the Bombay Stock value.
Exchange.
The market capitalisation of ICICI Bank, the Why this cheap?
top private sector lender in terms of asset size, This kind of auctions are usually
fell to Rs. 39,516.58 crore against Rs. 40,001 priced at the distress sale value,
crore of rival HDFC Bank. which is 20-30 per cent lesser than
Comparing the share price of ICICI with that the current market value. During the
of HDFC, the shares of HDFC settled up by auction if the bids are not too ag- Auctions for home should pick up in these current times. PHOTO: AFP
6.31 per cent at Rs. 940.50 on BSE. Whereas gressive you could get a saving of 15-
ICICI bank gained 2.44 per cent at Rs. 355.10 20 per cent depending on the bid- stage in India, but with the turmoil tices in the newspapers/bank web-
and ICICI Bank moved down to 18th position ders and the property. seen in the economy there will be sites for such auctions. You should
in terms of market cap, against a place among more and more defaulters and lucra- attend a few to get a feel and then if
the top 10 companies till last year. How do I get involved? tive property could come up for sale. you real find a property, go ahead
The concept is in a very budding Keep your eyes open for bank no- and bid for it. ■