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Insertion of new section 80-IBA.

Section 44 - Act - DIRECT TAXES - Finance Act - Section 44 - 44. 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 section, be allowed, a dedu .....

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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 building plan of such housing 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 commercial establishments included in the housing proj .....

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f land as specified in clause (d); (f) the built-up area of the residential unit comprised in the housing project does not exceed. (i) thirty 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 muncipal limits of these cities; or (ii) sixty square metres, where the project is located in any other place; (g) where a residential unit in the housing project is allotted to an .....

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distance, measured aerially 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 place other than the place referred to in subclause (i); and (i) the assessee maintains separate books of account in respect of the housing project. (3) Nothing contained in this section shall apply to any assessee who executes the housing project as a works-contract awarded by any person (including t .....

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