80ib(10) deduction to builders & developers on housing projects
Rajesh B Shah
(Querist) 07 September 2011
This query is : Resolved
Dear Sir,
80IB(10) Deduction to Builders & Developers on Housing Projects are extended ? Please give details of amendment made for the extenuation.
ajay sethi
(Expert) 07 September 2011
In order to provide some relief to the housing and real estate sector which, is presently reeling under global recession, it is provided in Finance Bill, 2010 to increase the period allowed for completion of a housing projects in order to qualify for availing the tax benefit under section 80-IB(10) of the Act, from the existing four (4) years to five (5) years from the end of the financial year in which the housing project is approved by the local authority. This extension will be available for housing projects approved on or after 31-3-2005. Thus, now deduction under section 80-IB (10) of the Act will be available in respect of the income relating the project for A.Y. 2010-11 and subsequent year which are approved by the local authority after 31-3-2005 and are pending for completion.
prabhakar singh
(Expert) 07 September 2011
Expert : ajay sethi has rightly opined.
