Housing project deduction continuity preserves remaining section 80-IBA benefit for already eligible assessees under the new tax law. Section 142 of the Income Tax Act, 2025 preserves the remaining benefit earlier available under section 80-IBA for assessees already eligible under the old law. The deduction applies only to eligible profits from developing and building housing projects or rental housing projects, only for the balance years that would have been allowable under the repealed provision, and on the same computation basis as under the former section. A separate report, accounts of each undertaking, and the relevant approval and completion certificates are required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Housing project deduction continuity preserves remaining section 80-IBA benefit for already eligible assessees under the new tax law.
Section 142 of the Income Tax Act, 2025 preserves the remaining benefit earlier available under section 80-IBA for assessees already eligible under the old law. The deduction applies only to eligible profits from developing and building housing projects or rental housing projects, only for the balance years that would have been allowable under the repealed provision, and on the same computation basis as under the former section. A separate report, accounts of each undertaking, and the relevant approval and completion certificates are required.
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