This notification inserts new exemption entries for transfer of development rights (TDR), Floor Space Index (FSI) and upfront amounts for long-term lease of land used for construction of residential apartments by promoters. The exemption is subject to reverse charge on unsold residential units at completion. Detailed valuation mechanisms and definitions aligned with RERA are introduced.

Issued for earlier notification?

Yes — amends Notification No. 12/2017–Central Tax (Rate).