Income-tax (First Amendment) Rules, 2012 - Insertion of rule 11-OA and form no. 3cn.

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....2. In the Income-tax Rules, 1962, in Part II, in sub-part F, after rule 11-O, the following rule shall be inserted, namely:- "11-OA Guidelines for notification of affordable housing project as specified business under section 35AD.-(1) The form and manner in respect of notification of an affordable housing project as a specified business under sub-clause (vii) of clause (c) of sub-section (8) of section 35AD of the Act shall be as follows:-  (a)  the applicant shall apply for notification of the project in Form No. 3CN to Member (IT), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, North Block, New Delhi; (b)  if any defect is noticed in the application in Form No. 3CN or if any relevant do....

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....i)  a copy of the order invalidating or rejecting the application or withdrawing the approval shall be communicated to the applicant as well as the Assessing Officer and the Commissioner having jurisdiction over the assessee. (2) A project shall be considered for notification if it fulfils all of the following conditions, namely: - (a)  the project shall have prior sanction of the competent authority empowered under the Scheme of Affordable Housing in Partnership framed by the Ministry of Housing and Urban Poverty Alleviation, Government of India; (b)  the date of commencement of operations of the project shall be on or after the lst day of April 2011; (c)  the project shall be on a plot of land which has a m....

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....ax Department to avail the tax benefit under section 35AD. (4) A project notified under sub-clause (vii) of clause (c) of sub-section (8) of section 35AD shall continue to be governed by the provisions of this rule to the extent it is not in contravention with the provisions of the Act, as amended from time to time. (5) In this rule,- (a) "affordable housing units" shall be of the following categories:-   Category Rentable Area (in square metres)     Specified cities Other cities   Economically Weaker Section (EWS) Up to 25 Up to 30   Lower Income Group (LIG) Greater than 25 and up to 50 Greater than 30 and up to 60   Middle Income Group (MIG) Great....

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....eration; (vii)  Ahmedabad urban agglomeration; (viii) District of Faridabad; (ix) District of Gurgaon; (x)  District of Gautam Budh Nagar; (xi)  District of Ghaziabad; (xii) District of Gandhinagar; and (xiii) City of Secunderabad; Explanation.-For the purposes of this clause,- the area comprising an urban agglomeration shall be the area included in such urban agglomeration on the basis of the latest census; (g) "total allocable rentable area" means the total rentable area of all the proposed housing units or non-housing units but excluding the areas earmarked for common facilities and services." FORM No. 3CN [See rule 11-OA(1)(a)] Application for notification of affordable housing proje....

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....e of the project (if any) ____________________________ (ii) Complete address of location of the proposed project:-         2.2 Details of the proposed project:- (i) Rentable area of various units in the project (indicate in sq. metres):-   Sl.No. Description Category of unit (EWS/LIG/MIG/Other Residential/Commercial) Rentable area Number of units Total rentable area (4*5) Percentage of total allocable rentable area 1 2 3 4 5 6 7                                           &nbs....

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....er than applicant) to such an agreement? Yes/No                               3.6 Whether each of the following conditions mentioned in sub-rule (2) of rule 11-OA is fulfilled:-   (i) the project has the prior sanction of the competent authority empowered under the Scheme of Affordable Housing in Partnership framed by the Ministry of Housing and Urban Poverty Alleviation, Government of India; Yes/No (ii) the date of commencement of operations of the project is on or after the 1st day of April, 2011; Yes/No (iii) the project is on a plot of land which has a minimum area of one acre; ....