Liability to pay state tax on development rights arises on issuance of completion certificate or first occupation under reverse charge. Notifies promoters receiving development rights, FSI, or long term leases for residential construction as liable to pay State tax on consideration received in cash, construction services, or upfront lease premiums; liability arises on the earlier of issuance of the completion certificate or first occupation. Definitions reference the Real Estate (Regulation and Development) Act, specify project, REP, RREP and FSI, and confirm tax on the specified services is payable under the State reverse charge mechanism.
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.
Liability to pay state tax on development rights arises on issuance of completion certificate or first occupation under reverse charge.
Notifies promoters receiving development rights, FSI, or long term leases for residential construction as liable to pay State tax on consideration received in cash, construction services, or upfront lease premiums; liability arises on the earlier of issuance of the completion certificate or first occupation. Definitions reference the Real Estate (Regulation and Development) Act, specify project, REP, RREP and FSI, and confirm tax on the specified services is payable under the State reverse charge mechanism.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
