TMI BlogInsertion of new section 80-IBA.X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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 section, be allowed, a deduction of an amount equal to hundred per cent. of the profits and gains derived from such business. (2) For the purposes of sub-section (1), a housing project shall be a project whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lishments included in the housing project does not exceed three per cent. of the aggregate built-up area; (d) the project is on a plot of land measuring not less than- (i) one thousand square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch individual; (h) the project utilises- (i) not less than ninety per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years, shall be deemed to be the income of the assessee chargeable under the head Profits and gains of business or profession of the previous year in which the period for completion so expires. (5) Where any amount of profits and gains derived from the business of developing and building housing projects is claimed and allowed under this section for any assessment year, deduction to the exte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with such other facilities and amenities as the competent authority may approve subject to the provisions of this section; (e) residential 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 an interior doo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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