Insertion of new section 80-IBA.

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.... gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent. of the profits and gains derived from such business. (2) For the purposes of sub-section (1), a housing project shall be a project which ful....

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....nts included in the housing project does not exceed three per cent. of the aggregate built-up area; (d) the project is on a plot of land measuring not less than- (i) one thousand square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities....

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....nor children of such individual; (h) the project utilises- (i) not less than ninety per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance....

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....llowed in one or more previous years, shall be deemed to be the income of the assessee chargeable under the head "Profits and gains of business or profession" of the previous year in which the period for completion so expires. (5) Where any amount of profits and gains derived from the business of developing and building housing projects is claimed and allowed under this section for any assessme....