9911796707
TMI BlogIncome-tax (First Amendment) Rules, 2012 - Insertion of rule 11-OA and form no. 3cn.X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-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 document is not attached thereto, a deficiency letter may be served on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 minimum area of one acre; (d) at least thirty per cent, of the total allocable rentable area of the project shall comprise of affordable housing units of EWS cate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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) Greater than 50 and up to 70 Greater than 60 and up to 85 (b) "date of commencement of operations" means the date on which the project is sanctioned by the competent authority empowered under the Scheme of Affordable Housing in Partnership framed by the Ministry of Housing and Urban Poverty Alleviation, Government of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch 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 project as specified business under section 35AD 1.1 Name and address of the specified business (in full, block letters) :- 1.2 Details of the assessee:- (i) Name (in full, block letters)___________________________ (ii) Is there any change in the name? If yes, please furnish the old name (iii) PAN (iv) Complete address ____________________________________ (v) Office Phone Number (with STD cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he vicinity of the proposed project? (If yes, details thereof.) Yes/No 3.2 Whether the proposed project is located or developed as a separate identifiable area? Yes/No 3.3 Whether the project is independent of other projects or is an extension or part of any other project? Yes/No 3.4 The nature of title the assessee holds on the land on which the project is situated. 3.5 Whether the project is developed under any agreement and if yes, the details of other parties (other 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 Housin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
