(2)in section 5A,—(a)for sub-section (1), the following sub-section shall be substituted, namely:—“(1) Notwithstanding anything contained in this Act, there shall be charged a Luxury Tax on the Plinth Area at the rate specified in the Schedule-II, annually on all residential buildings having a plinth area of above 278.7 Square Metres completed on or after the 1st day of April, 1999.”;(b)after sub-section (2), the following sub-section shall be inserted, namely:—“(3) There shall be a rebate of twenty per cent of the total Luxury Tax for those who pay the same in lump for five years or more.
