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of <h1>Tax Deduction for Housing Projects: Key Conditions Under Section 80-IBA Including Plot Size, Completion Timeline, and FAR Limits</h1> Section 80-IBA of the Income Tax Act provides a 100% deduction for profits and gains from developing and building housing projects, subject to specific conditions. The project must be approved between June 1, 2016, and March 31, 2022, and completed within five years. The commercial area should not exceed 3% of the total built-up area. Projects in major cities require a minimum plot size of 1,000 square meters and a carpet area not exceeding 60 square meters, with 90% FAR utilization. Other locations require a 2,000 square meter plot, a 90 square meter carpet area, and 80% FAR utilization. The project must be the only one on the land, maintain separate accounts, and not be a works-contract. The stamp duty value of residential units must not exceed 45 lakh for projects approved after September 1, 2019. MAT or AMT provisions apply, and deductions cannot be claimed under other sections. From April 1, 2022, rental housing projects notified by the government are also included.
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