Deductions in respect of profits and gains from housing projects.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., there shall 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 fulfils the following conditions, namely:- (a) the project is approved by the competent authority after the 1st day of June, 2016, but on or before the 31st day of March, ^11[2022]; (b) the project is completed within a period of ^2[five years] from the date of approval by the competent authority: Provided that,- (i) where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the building plan of such h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....spect 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 ^4[****]; or (ii) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in subclause (i); and (i) the assessee maintains separate books of account in respect of the housing project. ^7[Provided that for the projects approved on or after the 1st day of September, 2019, the provisions of this sub-section shall have effect as if for clauses (d) to (i), the following clauses had been substituted, namely:-- "(d) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 such project is located within the metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region); or (II) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in sub-clause (I); and (j) the assessee maintains separate books of account in respect of the housing project."] (3) Nothing contained in this section shall apply to any assessee ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dential units with such other facilities and amenities as the competent authority may approve subject to the provisions of this section; ^12[(da) "rental housing project" means a project which is notified by the Central Government in the Official Gazette under this clause on or before the 31st day of March, 2022 and fulfils such conditions as may be specified in the said notification;] (e) "residential unit" means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or through an interior door in a shared hallway and not by walking through the living space of ....