TaxTMI 
TaxTMI 
Amendment in the Notification No. F-3-42-2017-1-V(53) dated 30th June, 2017.
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....tion,- (i) in the opening paragraph, for the word, brackets and figures "sub-section (1) of section 11" the word, brackets and figures, "sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and section 148," shall be substituted; (ii) in the Table,- (a) after serial number 41 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely:- (1) (2) (3) (4) (5) "41A Heading 9972 Service by way of transfer of development rights (herein refer TDR) or Floor Space Index (FSI) (including additional FSI) on or after 1st April, 2019 for construction of residential apartments by a promoter in a project, intended for sale to a buyer, wholly or p....
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....r cent. Of the value in case of affordable residential apartments and 2.5 per cent. Of the value in case of residential apartments other than affordable residential apartments remaining un-booked on the date of issuance of completion certificate or first occupation The liability to pay state tax on the said portion of the development rights or FSI, or both, calculated as above, shall arise on the date of completion or first occupation of the project, as the case may be, whichever is earlier. 41B Heading 9972 Upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable in respect of service by way of granting of long term lease of thirty years, or more, on or after 01.04.2019, for constructio....
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....rein] x (carpet area of the residential apartments in the project which remain un-booked on the date of issuance of completion certificate or first occupation ÷ Total carpet area of the residential apartments in the project); Provided further that the tax payable in terms of the proviso shall not exceed 0.5 per cent. of the value in case of affordable residential apartments other than affordable residential apartments remaining un-booked on the date of issuance of completion certificate or first occupation. The liability to pay state tax on the said proportion of upfront amount (called as premium, salami, cost, price, development charges or by any other name) paid for long term lease of land, calculated as above, shall arise on th....
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....r section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (viii) The term "project" shall mean a real Estate Project or a Residential Real Estate Project. (ix) the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in clause (zn) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (x) The term "Residential Real Estate Project (RREP)" shall mean a REP in which the carpet part of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP; (xi) The term "carpet area" shall have the same meaning as assigned to it clause (k) under section of the Real Estate (Regulation and Development) Act, 2016 ....