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Section - 80-IBA - Rationalisation to promote Affordable Housing -

 

According to existing provisions 100% deduction is admissible from of the profits and gains derived from developing and building certain housing projects subject to specified conditions.

 

In order to promote the development of affordable housing sector, it is proposed to amend section 80-IBA so as to provide the following relaxations:—

 

(i)    The size of residential unit will be in terms of the "carpet area" not the "built-up area".

 

(ii)  The restriction of 30 square meters on the size of residential units shall not apply to the place located within a distance of 25 kms from the municipal limits of four metro cities.

 

(iii)The condition of period of completion of project shall be increased from existing three years to five years.

The amendment will be effective from 1st April 2018.


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