MF unit redemption won’t attract tax: CBDT

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MUMBAI, FEBRUARY 14:  

The Central Board of Direct Taxes has clarified that redemption or repurchase of mutual fund units would not attract taxes (under distributed income), as such income is not in the nature of income distributed to unit-holders.

The CBDT also said bonus units at the time of issue would not be subjected to additional income tax since an issue of bonus units was not akin to dividend distribution. It added that the Income Tax Act prescribed that the cost of acquisition of bonus units should be treated as ‘nil’ for the purposes of computation of capital gains tax.

Travel

Soul- Searching in Sikkim

Saifur Rahman Tuheen

Tsongmo Lake

Sikkim is a state in East India in the Himalayan foot hills bordering China (Tibet), Nepal and Bhutan. The snow-covered mountains and lush green valleys of Sikkim revitalises one's soul. Nearly 40 percent of its total area is forested.
How to go: There are no airports or railway stations in Sikkim. The only way to enter from the rest of India is by road using bus or jeep from West Bengal. Buses are available at Dharmatala in Kolkata city. It will take about 17 hours to reach Gangtok, the capital city of Sikkim. Construction of a 50 km rail link from Sevoke, West Bengal to Rangpo, Sikkim started in 2009, but it isn't expected to be ready until 2015. It will also take another few years until it reaches another 40km to Gangtok.  Meanwhile, the nearest railway stations are Shiliguri and New Jolpaiguri.  Both of these have a number of trains connecting them to Kolkata. You should be able to get pre-paid taxis outside the railway stations quite easily. The nearest airport for Sikkim is Bagdogra, near Shiliguri in North Bengal which is 124 km away and approximately four hours drive from Gangtok. Indian Airlines, Jet Airways, Spice Jet, Go Air etc. service Bagdogra linking it with other major airports in India (Including Gwahati). Druk Air flies twice weekly from Bangkok, stopping at Bagdogra before continuing to Paro in Bhutan. You can also take a helicopter from Bagdogra to Gangtok.
Where to Stay: As like any other popular tourist place, there is a large number of hotels, motels and guest houses available in Sikkim, particularly in Gangtok. Mayfair Spa Resort and Casino, Suhim Potriko, Hotel Sonam Delek, Welcom Heritage Denzong Regency, Elgin Nor- Khill Gangtok, Hotel Saikripa Gangtok, The Keepsa Residensy, Summit Norling Resort and Spa, Hotel Sagorika, Aashishkim Guest House, Sikkim Retreat Hotel, Himalayan Retreat,  Hotel Mount Siniolchu, Tara Palace, Hotel Barries etc. are well-known hotels in Gangtok. Hotel Yarlam, Modern Residensy, Snow Lion Resort and Sonam Palgey Lachung are the notable hotels at Lachung.
Popular Destinations
    Rumtek Monastery: 24 km from Gangtok in East Sikkim – the main seat of Karma Kagyu School of Tibetan Buddhism in Sikkim. Originaly built by the 9th Karampa Wangchuk Dorjie in 1740 but fell into disrepair. The current structure dates from 1959.
Tsongmo Lake: The most visited lake in Sikkim is Tsongmo Lake in East Sikkim. Located at 35 km from Gangtok and an altitude of 12,000 feet the ethereally beautiful Tsongmo Lake is must on every visitor's itinerary. Embedded in steep and rugged mountain terrain, the lake is covered with snow from early winter to late spring. Associated with many legends and myths, Tsongmo is regarded holy by the Sikkimese. For the tourists, the visit to the lake offers the wonderful outing. Rides on colourfully decorated yaks and mules offered at the lake side, which also has a verity of eating stalls serving snakes and beverages. Snowboots and gumboots can be hired here. The lake also provides the perfect backdrop for holiday photos
Pelling: About 117 km away from Gangtok, Pelling is today emerging as the second biggest tourist destination in the state of Sikkim. Although in itself is a little more than a strip of road lined with hotels, its main attraction is the breathtaking view it offers of the Khangchendzonga and surrounding ranges, as well as the easy access it provides to tourist spots in the area. Pemayangste monastery is less than a kilometre from Pelling while a 40 minute walk in the hill opposite the monastery takes you to Sanga Choling monastery built in 1967, one of the first in the state.
Baba Mandir: Baba Mandir is original Harbhajan Singh Baba Temple from which the Indo-Bhutan border is approximately 6 km and Indo-Chinese border is around 5 km. A must visit place for all those who like to explore places.
 

Dubdi Monastery: This was the first monastery established soon after the consecration ceremony of the first Chogyal. The monastery is located on a hill top above Yuksom surrounded by verdant forest. It can be approached by trekking only, negotiating steep slope for about half an hour. It is an ideal place for lamas seeking meditation recluse.
Chungthang: Chungthang is in the Northern part of Sikkim. It is located at the confluence of Lachen and Lachung Chu and is the starting point of the river Teesta. It is believed that Chungthang is blessed by guru Rimpoche.
Gurudongmar Lake: At an altitude of 17,000 feet, Gurudongmar Lake is reserved by both Buddhists and Hindus as a sacrosanct lake. Enriched all around by snow-covered mountains, the lakes freezes during the winter, except one spot said to be blessed by Guru Rimpoche. The water of the lake is believed to have the miraculous power of granting children to childless couples.
Dzongri trek: Dzongri trek is possible at the west part of Sikkim. This trek is suitable for those trekkers who wish to go for a short and easy trek. This trek provides a spectacular view of unique landscape which permanently gets printed in the trekkers mind.
Adventure activities: There are many adventure activities possible to do in Sikkim. Tourists can go Trekking, Rafting, Kayaking, Mountain Biking, Mountaineering, Yak Safari and many more.
Entry formalities to Sikkim: Foreigners must obtain a Inner Line Permit (ILP) to visit Sikkim. These can be obtained from all Indian Missions, Sikkim Tourism offices at New Delhi, Kolkata, District Magistrates Office at Darjeeling, Shiliguri and Rongpo, on the strength of an Indian Visa. The 30 days duration permit is issued on the spot without any delay provided photocopies of passport and visa along with two passport size photos of the applicants are given. The permissible duration of the stay for foreign tourists is 30 days initially. For those interested in going for trekking in the interior region of the state, the Tourism and Civil Aviation issues Protected Area Permit (PAP) at Gangtok which is available for certain specified area for groups consisting of two or more foreigners subject to condition that the trekking program is arranged through a registered travel agency. April to September is the ideal time to visit Sikkim.
Communication: The official language of Sikkim is Nepali, which is also the primary language of the locals. Many other languages such as Djongkha and Tibetan are also spoken by similar numbers. However, Hindi is also widely spoken as a second language and all educated people can speak English.

Dubdi Monastery

SIKKIM- the last shangri-( Source:Mid Day)

Yawning valleys, fluttering pray flags and colourful homes dotted on mountain slopes — it is not without reason that Sikkim is known as one of the last Himalayan Shangri Las. Kareena Gianani lands there amid a strike, but still finds places where the senses meet the sublime

It is past midnight when two friends and I sit at the edge of a defunct fountain outside a hotel in Pelling in West Sikkim. A two-day strike has been announced in the state — all modes of transport have shut down, come morning, every shop will be desolate and the policemen will not take too kindly to stragglers. We are locked in, and thrilled at the prospects.

The strike hasn’t addled our brains, lest we be accused of being delirious. We hatch grand plans, rub palms conspiratorially (it’s the cold, that too) and wait for the morning.

Our Darap homestay’s host, Indra Subba and his mother (above) rustle up delicious meals made from flowers and other plants picked from a forest nearby

At daybreak, we stand at one of the many abandoned construction sites (another would-have-been hotel, no doubt) and admire the leviathan Khangchendzonga. It comes to us then — Pelling usually swarms with tourists just so they could have this one moment to themselves. Unparalleled views of the Khangchendzonga — molten gold at sunrise, icy blue till dusk and grandfatherly in mien — are this town’s raison d’etre.

The ruins of Sikkim’s ancient capital, Rabdentse

Keep calm, and don’t plan
We sneak into a chaiwallah’s home for tea (by invitation, of course), who tells us something we know by now — the famous Yuksom-GoeCha La trek is out of the question, as are our plans to take off to Sikkim’s capital Gangtok to check out the famed Rumtek Monastery. “The only place left around here is this hamlet, Darap. Indra has just finished building his homestay,” he smiles. We prick our ears up, and 10 minutes later, Darap is on our itinerary.

Gurudongmar Lake in north Sikkim. Pics/ Aditya Kandala, Kareena Gianani & Thinkstock

We spend a day hiking in and around Pelling, and it feels like we have the town all to ourselves. It is a luxury, of course, the tranquility of Pemayangste Monastery and the higgledy-piggledy route leading to the ruins of Rabdentse. Plaques in and around this elusive site tell us that Rabdentse was the second capital of the Kingdom of Sikkim between 1670 and 1814. What is left of this troubled empire are three chortens (Tibetan monuments) which mark the prayer site of the Sikkim royalty back then.

The next day, we begin our hike to Darap, with the all-seeing Khangchendzonga standing resolutely to our right. The chaiwallah was quite right — after a seven-km-long walk, we enter a hamlet where time doesn’t quite seem to move at the same pace. Darap is idyllic, and it seems all conversations here take place in hushed tones somewhere inside the modest, one-storey homes. Soon, we meet Indra Subba, our host for the night, who takes us to his homestay.

At home
Indra’s homestay comprises a long dining hall and numerous windows to seduce the sunlight. He has furnished it with intricately-carved furniture chosen during his many trips to Gangtok. The log cabin outside, which will be our home for the night, has been designed and built by Indra and his friends. The food, he tells us, will come from “there”, pointing to the floor.

We think he is referring to a meal of tubers and roots. Indra, however, asks us to follow him as he takes the stairs descending from the dining hall. In an underground kitchen, Indra’s mother has congregated neighbours to help her cook our meals for the day. We decide to babysit their children but are politely asked to take the time off (lullabies hummed on tunes of love songs don’t go down well with babies).

Over dinner, Indra tells us that he was a mountaineer and helped travellers trace many an ambitious peak in the Himalayas. “But soon,” he tells us, “it was time to make a choice between doing what I loved and spending time with my family. So here I am.” He knows he has an arduous journey ahead. Many homestays are coming up in Darap, but it remains a place for people who yearn for solitude. It is for those who delight when a short walk in any direction abruptly leads you to a pitch-dark forest and where fireflies dance to music meant only for their ears. “We can only hope that tourists from Gangtok and Pelling drop by,” says Indra.

We tear ourselves from Darap a day later and head to Gangtok to get permits to North Sikkim. Once they arrive, we take off with Sonam, our driver whose sartorial punch — goth, rock and uber cool — leaves us feeling rather scruffy. I think our collective silence suits him just fine. Sonam manoeuvres deadly cliffs and landslide-happy hills at nothing lesser than 60km/hour — we agree that fervent prayers would come in handy, and he needs Akon’s thumping music to prevent him from falling asleep at the wheel.

At Gurudongmar Lake
Let no one tell you can have enough of Gurudongmar Lake, which must be accessed through the twin, quaint villages of Lachen-Lachung after a nine-hour drive from Gangtok. The altitude at 15,000 feet could be punishing for some, but when I step out of the jeep and walk up to the lake, I know why we are here —Gurudongmar Lake knows no fixed states of matter.

I cannot fully believe anyone who says that the vast lake is indeed liquid, because I can swear it looks frozen. Or that it isn’t clouds which are a few feet away from us, that it is mist. Here, the five senses are an entirely subjective matter, and I do not know of many places which can be so phantasmic.

On our way back home, I press rhododendrons in my book (the fallen ones only — picking one would have invited Sonam’s wrath), shop for souvenirs at Gangtok and take in the sounds and smells of a city which just does not rest. But when I think Sikkim, what really comes to mind is a lone cabin in a shy village, fireflies and private conversations, and the loss of senses somewhere high up.

Leisure
Best time to visit: September-November
You need: A week

Fact File Go: Sikkim is best reached from Darjeeling. All major airlines connect metros to Bagdogra airport. Pelling is 108 km away from Darjeeling.

Stay: Pelling offers hotels for all budgets, as does Gangtok. You could also opt for a homestay in Darap. Log on to http://sikkimtourism.gov.in.Eat and drink: Sikkimese cuisine is a delicious fare of thukpas, momos and other local delicacies. But don’t forget to visit a tongba-bar for some local millet beer: a friend says it is much like sake, and is quite potent.

- See more at: http://www.mid-day.com/articles/sikkim-the-last-himalayan-shangri-la/15145083#sthash.IGkDek4h.dpuf

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