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of <h1>India Amends Tax Notification to Exempt Real Estate Services; New Tax Caps for Affordable Housing.</h1> The Government of India has amended Notification No. 12/2017- Union Territory Tax (Rate) to exempt certain services in the real estate sector, effective from April 1, 2019. The amendments include exemptions for services related to the transfer of development rights or Floor Space Index for residential apartment construction and long-term land leases. The exemptions are calculated based on the carpet area of residential apartments. Promoters must pay tax on unbooked residential apartments at completion or first occupation, with tax rates capped at 0.5% for affordable housing and 2.5% for others. Definitions for terms like 'apartment,' 'promoter,' and 'project' are provided.
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