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of <h1>Finance Bill 2017 amends section 80-IBA: Extends project period, redefines area terms, and removes city limits requirement.</h1> Clause 37 of the Finance Bill, 2017, amends section 80-IBA of the Income-tax Act, effective April 1, 2018. The amendments include extending the project completion period from three to five years and replacing 'built-up area' with 'carpet area' for housing project deductions. The requirement for projects to be within 25 kilometers of certain city limits is removed. The definition of 'carpet area' aligns with the Real Estate (Regulation and Development) Act, 2016. These changes apply to the assessment year 2018-2019 and subsequent years, impacting deductions for profits from housing projects.
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