80IBA deduction

[hubert fernandes]

(a) with regards to 80IBA Exemption of the income tax act, if the builder developers allots area in the said housing project to land owners as part of land consideration can the builder /developers avail the deduction? please mention any case laws

(b) can the land owner avail deduction u/s 80IBA when he sells his share of area ? if so how the condition of land being more than the prescribed land area be worked? and whether the builder developers can avail deduction simultaneously

(c) if the builders developers allots more than one apartment to land owners as part of land consideration , will such allotment be violation of the condition of 80IBA and deduction will be denied?

AI Summary

Are Builders Eligible for Deductions Under Section 80IBA When Allotting Housing Projects to Landowners? A discussion on the applicability of Section 80IBA of the Income Tax Act addresses whether builders can claim deductions when allotting housing project areas to landowners as part of land consideration. It questions if landowners can also claim deductions upon selling their share and whether multiple apartment allotments to landowners violate 80IBA conditions. The reply suggests no distinction in allotment for deductions, expresses uncertainty on the second issue, and views multiple allotments as a potential violation. Further expert opinions are invited.