What will happen if the builder has recovered value of the land separately? Whether abatement can be claimed under clause 7 instead of 7(a)?
There do not appear to be any bar in this respect. It should be noted that while replying to the discussion in the Parliament, the Finance Minister has stated that in the cases wherein value of the land is also covered in the gross amount charged, higher rate of abatement will be provided. Thus, clause 7 covers the cases wherein value of the land is recovered separately while clause 7(a) covers the cases wherein gross amount charged is inclusive of the value of land.
