Search Results For: 80IBA

Housing projects – Deductions.

QUERY: If project is approved prior to June 1, 2016 and subsequent fresh approval is obtained after June 1, 2016, whether the project is eligible to claim deduction under section 80-IBA. Note: The project is surely to be completed within 3/5 years of its approval.
ANSWER: Click here to read the full answer of the expert

Deduction in respect of profits and gains from housing projects under section 80-IBA of the Income-tax Act, 1961 has been inserted by the Finance Act, 2016, with effective from April 1, 2017 i.e. from assessment year 2017-18.

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