80ib(10) deduction availability

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..... 80ib(10) deduction availability
Query (Issue) Started By: - hubert fernandes Dated:- 18-12-2012 Last Reply Date:- 25-2-2015 Income Tax
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Income Tax
We developed a project u/s 80 .....

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..... ib(10) and availed 100% deduction till finacial year ended march 2012. However in the Financial year 2012-2013 two flats less than 1500 sq ft (ie non adjacant flats in two different buildings in the s .....

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..... aid 80ib(10)project) were sold to one individual. These flats were sold out of inventory, the project being 100% completed in FY 2009-2010. Clause (e) introduced w.e.f 01.04.2010 of section 80ib(10) r .....

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..... estricts from 2 flats being sold to one individual or to spouse/children/representative of such individual. in view of the above violiation of clause (e) whether the assessse would loose deduction fo .....

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..... r the entire project Or whether it would loose deduction only on these two flats sold to one individual OR whether the ENTIRE UNSOLD AREA as on 31-3-2010 (since clause (e) of 80ib(10) applicable from .....

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..... 01.04.10) would be open for disallowance Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether you have got clarified in the said issue? If not please inform.
Discussion Forum - Knowledge Sharing .....

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