In Section 43CA of the Income-tax Act,-(a)in sub-section (1), after the proviso, the following proviso shall be inserted, namely:––‘Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect as if for the words “one hundred and ten per cent.”, the words “one hundred and twenty per cent.” had been substituted, if the following conditions are satisfied, namely:––(i)the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021;(ii)such transfer is by way of first time allotment of the residential unit to any person; and(iii)the consideration received or accruing as a result of such transfer does not exceed two crore rupees.’;(b)after sub-section (4), the following Explanation shall be inserted, namely:––‘Explanation.––For the purposes of this section, “residential unit” means an independent housing unit with separate facilities for living, cooking and sanitary requirement, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of another household.’.
