Our complex has a supermarket on the ground floor. We are yet to register the flat owners’ association under the apartment act. Shall we face any problem in registration because of the supermarket?

Tanmoy Neogy, Nager Bazar

There should not be any problem. The supermarket owner should also be part of the association.

I want to buy a flat in a building that has been constructed on colony land. I have come to know that no bank will give loan for buying this kind of property. I have looked up all the legal documents related to the property and they are fine. Is there any risk in buying this kind of property?

Vikash Jaiswal, Calcutta

Prima facie, there should not be trouble if the documents are okay and have been vetted by a property lawyer. Banks, too, should not create any problem.

On August 17, 2005, I became one of the owners of a floor of a house that belonged to my mother. The floor was passed on to my siblings and me by virtue of a Mutual Separation Deed following her death. It was sold on August 12, 2006, and I received Rs 4,00,000 as my share. How much capital gains tax should I pay or do I have an option of avoiding it?

Prithwish Mukherjee, Calcutta

You will have to pay a long-term capital gains tax on the sale proceeds of the property. However, you can save the tax by investing the sale proceeds in specified avenues. If the property was your place of residence, you can invest the amount in another house within three years of the date of transfer of the property. If you did not stay there, you will have six months. You can also invest in capital gains bonds of the National Highway Authority of India or the Rural Electrification Corporation.

The agreement with the promoter/developer of the flat that I have bought mentions a saleable area, which is neither the covered nor super built-up area. Is it the current practice to use the term saleable area for covered or super built-up area? Do I have to mention this area for flat registration and subsequent mutation?

A.K. Gupta, by email

Saleable area is equal to super built-up area. For registration and mutation, you should consult a lawyer and do what he suggests.

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