Income-tax Act, 1961
Section - 80-IBA - Deductions in respect of profits and gains from housing projects
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 deduction of an amount equal to hundred per cent of the profits and gains derived from such business.(1A) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building rental housing project, there shall 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 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, 2022; |
| (b) | - | the project is completed within a period of five years from the date of approval by the competent authority: |
| - | Provided that,- | .... To read the full section download the app from Google Play store
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