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Deductions in respect of profits and gains from housing projects.

Section 80IBA - Act - 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 sha .....

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an 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 3[ carpet area ] of the shops and other commercial establishments included in the housing project does not exceed three per cent. of the aggregate 3[ carpet area ]; (d) the project is on a plot of land measuring not less than- (i) one thousand square .....

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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 project utilises- (i) not less than ninety per cent. of the floor area ratio permissible in r .....

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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 respect of which a deduction has been claimed and allowed under this section, the total .....

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e allowed under any other provisions of this Act. (6) For the purposes of this section,- 5[ (a) carpet area shall have the same meaning as assigned to it in clause (k) of section 2 of the Real Estate (Regulation and Development) Act, 2016. . (16 of 2016.) ] (b) competent authority means the authority empowered to approve the building plan by or under any law for the time being in force; (c) floor area ratio means the quotient obtained by dividing the total covered area of plinth area on all the .....

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