Housing project deduction: carpet area measurement and extended completion period change eligibility for full tax deduction. The amendment substitutes "built-up area" with "carpet area", omits the aerial-distance restriction from municipal limits for eligibility, extends the ... Summary
Housing project deduction: carpet area measurement and extended completion period change eligibility for full tax deduction.
The amendment substitutes "built-up area" with "carpet area", omits the aerial-distance restriction from municipal limits for eligibility, extends the project completion period from three to five years, and adopts the "carpet area" definition from the Real Estate (Regulation and Development) Act, 2016; effective 1 April 2018 for assessment year 2018-2019 onward.
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