Clause xiii of Para 4 of Notification No. 11/2017-CTR as amended via Notification No. Three/2019-CTR requires a minimum of one installment in the bank account before 1st April 2019 for a challenge to be considered an ongoing venture. Therefore, the situation referring to a credit score of at least one installment within the bank account of the promoter for the apartments being constructed in a slum redevelopment venture to have been partly or wholly booked shall be deemed to have been satisfied to contemplate the venture as an ongoing challenge, provided all different conditions for contemplating a condo as booked are met in case of apartments allotted to slum dwellers; as there is no such thing as a monetary fee to be made by the slum dwellers.
Can a developer deduct the precise worth of Land involved in the sale of a unit in preference to taking a deduction of deemed value of land as per Paragraph 2 to Notification No. 11/2017-CTR? It could please be clarified whether or not, in such cases, apartments being constructed in the mission shall be deemed to be booked before 1st April 2019 in case an improvement agreement is performed before that date. Whether or not, accordingly such projects shall be thought of as an ongoing mission? Subsequently, for the residential apartments allotted to the unique inhabitants in case of redevelopment project or slum dwellers in case of slum rehabilitation or redevelopment mission, the requirement that a minimum of one installment has been credited to the checking account of the promoter shall not be required to be met for such residences to be taken into consideration as having been booked on, or earlier than 31-03-2019 supplied other necessities for contemplating a condominium booked on or earlier than 31.03.2019 have been met.
Charge of tax applicable on such work contract service offered by a contractor to a promoter on the building of economical apartments shall be 18%regardless of in tren mica choice exercised using developer-promoter. The relevant entries of the notification are at items iv, v, VA, and vi against sl. The consideration for such apartments is the receipt in the transfer of development rights from the unique inhabitants in case of redevelopment initiatives or the federal government in case of slum rehabilitation projects. In case of redevelopment or slum rehabilitation tasks, the original inhabitants of the slum dwellers are not required to pay any monetary consideration to the promoter for the residential flats allocated to them. Once you obtain vouchers, you pay all rent as much as 30 percent of your month-to-month earnings, and the federal funding covers the remaining.
