9911796707
TMI BlogDeductions in respect of profits and gains from housing projects.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 11 [ 2022 ] ; (b) the project is completed within a period of 2 [five years] from the date of approval by the competent authority: Provided that,- (i) where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the building plan of such housing project ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 4 [***]; or (ii) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in subclause (i); and (i) the assessee maintains separate books of account in respect of the housing project. 7 [Provided that for the projects approved on or after the 1st day of September, 2019, the provisions of this sub-section shall have effect as if for clauses (d) to (i), the following clauses had been substituted, namely: (d) the project is on a plot of land measuring not less than- (i) one thousand square metres, whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re such project is located within the metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region); or (II) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in sub-clause (I); and (j) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roject which is notified by the Central Government in the Official Gazette under this clause on or before the 31st day of March, 2022 and fulfils such conditions as may be specified in the said notification; ] (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.] 8 [ (f) stamp duty value means the value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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