Streamlining provisions of exemption on affordable housing scheme :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS |
SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. | BRIEF OF AMENDMENT |
| 37 | Streamlining provisions of exemption on affordable housing scheme |
80-IBA 1. Clause b of Subsection 1.2. Clause (c) and (f) of subsection II, 3. Sub-Section 3 4. Clause (a) of sub section (6) |
Amendment | 1/4/2018 | In section 80IBA 100% exemptions of profits was provided to developer for developing and building affordable housing projects as per specified conditions. The scope of exemptions has been expanded with amendments in current Finance Bill:-a. Now builder can complete the project within a period of five years (Previous three years) from the date of approval of competent authority. b. Exemption was available to the builder who is engaged in development of units of 30 sq mtr and 60 sq mtr built up area, Now exemption is available for development of units of 30 Sq mtr and 60 Mtr on basis of CARPET AREA. Therefore the proposed size of house got increased. c. Limits of 30 sq mtr in case of units located within distance of 25 KM from the municipal limits of the Chennai, Delhi, Kolkata or Mumbai is removed, therefore in these units project of 60 sq mtr can be developed. d. “carpet area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment. Explanation.— For the purpose of this clause,the expression “exclusive balcony or verandah area” means the area of the balcony or verandah, as the case may be, which is appurtenant to the net usable floor area of an apartment, meant for the exclusive use of the allottee; and “exclusive open terrace area” means the area of open terrace which is appurtenant to the net usable floor area of an apartment, meant for the exclusive use of the allottee; |