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Deductions in respect of profits and gains from housing projects.

Section 80IBA - Part C. - Deductions in respect of certain incomes - Income Tax - Section 80IBA - 1[ 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 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 .....

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ch 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 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 .....

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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 individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual; (h) the projec .....

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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 the Central Government or the State Government). (4) Where the housing project is not completed within the period specified under clause (b) of sub-section (2) and in r .....

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