(1) Notwithstanding anything to the contrary contained in any law relating to local authorities, each apartment and the percentage of undivided interest in the common areas and facilities appurtenant to such apartment shall be deemed to be a separate property for the purpose of assessment of tax on lands and buildings leviable under such law and shall be assessed and taxed accordingly; and for this purpose a local authority shall make suitable regulations to carry out the provisions of this section.
(2) Neither the building nor the property nor the common areas and facilities shall be deemed to be the separate property of the association for the purpose of the levy of such taxes.
(3) An apartment owner shall be liable for payment of the taxes under sub-section (1) from the date he is given possession of the apartment and the promoter shall be liable for the taxes only up to such date.
(4) The association shall be liable for the collection of Government and municipal taxes including the ground rent from the apartment owners and for its remittance to the Government or local authority. If the association fails to do so, the competent authority may take action against the association for its failure and the amount due maybe recovered as an arrear of land revenue from the concerned apartment owners.