Taxable services: transfer of development rights and long term land leases enabling promoter construction are now taxable. The notification adds taxable services: transfer of development rights or FSI (including additional FSI) and long term land leases (30 years or more) with upfront consideration and/or periodic rent, when supplied by any person for construction of a project by a promoter; effective 1 April 2019. Explanatory clauses insert definitions adopting the Real Estate (Regulation and Development) Act, 2016 meanings for 'apartment', 'promoter', and 'Real estate project (REP)', define 'Residential Real Estate Project (RREP)' by commercial carpet area threshold, and define 'Floor Space Index' as gross floor area divided by land area.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxable services: transfer of development rights and long term land leases enabling promoter construction are now taxable.
The notification adds taxable services: transfer of development rights or FSI (including additional FSI) and long term land leases (30 years or more) with upfront consideration and/or periodic rent, when supplied by any person for construction of a project by a promoter; effective 1 April 2019. Explanatory clauses insert definitions adopting the Real Estate (Regulation and Development) Act, 2016 meanings for "apartment", "promoter", and "Real estate project (REP)", define "Residential Real Estate Project (RREP)" by commercial carpet area threshold, and define "Floor Space Index" as gross floor area divided by land area.
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