Deductions for housing project profits preserved where eligibility and duration mirror prior statutory housing deduction rules. Where an assessee's income includes profits from developing or building housing projects and the assessee would have been eligible under the repealed ... Summary
Deductions for housing project profits preserved where eligibility and duration mirror prior statutory housing deduction rules.
Where an assessee's income includes profits from developing or building housing projects and the assessee would have been eligible under the repealed provision, a transitional deduction is allowed. The deduction must be calculated according to the prior provision's computation rules and is available only for the tax years for which that prior provision would have permitted it.
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