80IB (10)

(i) The project should be approved by a local authority before 31-3-2008;

(ii) The undertaking should have commenced development and construction of the project after 1-10-1998 and should complete construction:

(a) in case of projects approved before 1-4-2004 on or before 31-3-2008; and

(b) in case of project approved after 1-4-2004 within four (4) years from the end of the financial year in which the project was approved by local authority;

(iii) The size of the plot of land should be minimum one (1) acre;

(iv) The build up area of the shops or other commercial establishments shall not exceed five (5) percent of the aggregate build up area of the project or two thousand (2000) square feet whichever is less;

(v) The maximum build up area of the residential unit should be one thousand (1000) square feet for the projects within the cities of Delhi and Mumbai and twenty five (25) kilometres from the local limits of the above mentioned cities and at any other place one thousand five hundred (1500) square feet.

(vi) Not more than one residential unit should be allotted to the same person who is not an individual assessee and where the person is an individual no other residential units in such project should be allowed to spouse or minor children of the individual;

(vii) The assessee should file the return of income before the due date of filling return under section 139(1) of the Act and deduction under section 80-IB of the Act should be claimed by the assessee in the return of income by him

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Thanks & Regard,

Dharmendra Jha