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of <h1>Clause 142 of Income Tax Bill 2025: Deductions for Housing Project Profits Align with Section 80-IBA Provisions.</h1> Clause 142 of the Income Tax Bill, 2025, addresses deductions for profits and gains from housing projects. It specifies that if an assessee's gross total income includes profits from developing and building housing or rental projects, they are eligible for deductions. These deductions are calculated according to the provisions of section 80-IBA of the Income-tax Act, 1961, as if the Act had not been repealed. The deductions are applicable only for the tax years that would have been permitted under section 80-IBA, ensuring continuity despite the repeal of the previous Act.
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