TMI BlogInsertion of new section 80-IBA- Deductions in respect of profits and gains from housing projectsX X X X Extracts X X X X X X X X Extracts X X X X ..... ness. (2) For the purposes of sub-section (1), a housing project shall be a project which fulfils the following conditions, namely:- (a) the project is approved by the competent authority after the 1st day of June, 2016, but on or before the 31st day of March, 2019, in accordance with such guidelines as may be prescribed; (b) the project is completed within a period of three years 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case may be, where the 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 (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 project is not completed within the period specified under clause (b) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unit means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through and interior door in a shared hallway and not by walking through the living space of another household. . - Clause 43 of the Bill seeks to insert a new section 80-IBA in the Income-tax Act relating to deductions in respect of profits and gains from housing project. The proposed new section seeks to provide for hundred per cent. deduction of the profits and gains of an assessee developing and building housing projects, if the project is approved by the competent authority on or before the 31st Marc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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