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Insertion of new section 80-IBA- Deductions in respect of profits and gains from housing projects

Clause 43 - Bill - DIRECT TAXES - Bill - Clause 43 - Insertion of new section 80-IBA. 43. After section 80-IB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Deductions in respect of profits and gains from housing projects. 80-IBA. (1) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this se .....

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s from the date of approval by the competent authority: Provided that,- (i) where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the project was first approved by the competent authority; and (ii) the project shall be deemed to have been completed when a certificate of completion of project as a whole is obtained in writing from the competent authority; (c) the built-up area of the shops and other co .....

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l units comprised in the housing project does not exceed thirty square metres where such project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the area of twenty-five kilometres from the municipal limits of these cities, or sixty square metres, where such project is located within the jurisdiction of any other municipality or cantonment board; (f) where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing p .....

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ts of these cities, or (ii) not less than eighty per cent. of such floor area ratio where such project is located in any area other than the areas referred to in sub-clause (i); and (h) the assessee maintains separate books of account in respect of the housing project. (3) Nothing contained in this section shall apply to any undertaking which executes the housing project as a works-contract awarded by any person (including the Central Government or the State Government). (4) Where the housing pr .....

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