WebMay 8, 2024 · With an aim to address the housing needs of the lower and middle income households, the Government of India (GoI) launched the Affordable Housing Scheme in June 2015. Compared to a common … WebFeb 25, 2024 · section 80IBA – Deduction of 100% profits to Affordable Housing Projects. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100% ...

Affordable Housing: RERA, GST may help achieve

WebGST Rate changes for Real Estate - An overview . APRIL 05, 2024 . ... As per clause(ie)(for civil structure and other affordable housing schemes) & (if) (for construction of commercial spaces or residential apartments other than affordable housing scheme), the promoters shall be given a one -time option to continue to pay tax at the old rates ... WebAug 23, 2024 · No. 1/2024-C.T. (Rate) dated 25.01.2024, low-cost houses up to a carpet area of 60 square metres per house in an affordable housing project which has been … bmw tti

GST on Real Estate & Flat Purchase - SOBHA Ltd. / New GST rates …

WebDec 30, 2024 · For affordable homes, the existing tax rate is 8%. On 24 Feb 2024, GST Council decided that after removal of ITC, the rates will be 5 % for normal housing projects and 1 % for affordable homes. A residential property, with a carpet area of up to 90 sq.mts in non-metropolitan cities and 60 sq.mts in metro cities (Delhi-NCR, Bengaluru, Chennai ... WebFeb 24, 2024 · GST shall be levied at effective GST of 1% without ITC on affordable housing properties. 3. ... Accordng to the scheme of things under the GST regime, … WebApr 2, 2024 · 1. Builder can opt for, 1% GST for affordable housing and 5% GST for other residential project, without availing ITC. 2. GST 1% / 5% is the effective rate after … bmw tsx