TMI BlogInsertion of new section 80-IBA.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a project which fulfils the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct 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 the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities; or (ii) two thousand square metres, where t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially of twenty-five kilometres from the municipal limits of these cities, or ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Profits and gains of business or profession of the previous year in which the period for completion so expires. (5) Where any amount of profits and gains derived from the business of developing and building housing projects is claimed and allowed under this section for any assessment year, deduction to the extent of such profit and gains shall not be allowed under any other provisions of this Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this section; (e) residential unit means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of another household. . - - statute, statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X
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