Deductions in respect of profits and gains from housing projects - (New) Section 142 / (Old) Section 80-IBA

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....available under Section 80-IBA of the Income Tax Act, 1961. The section contains: • Two eligibility conditions [(a) and (b)] • Two limiting conditions [(i) and (ii)] Every condition must be satisfied. Eligibility Condition • Clause (a): Gross Total Income must include eligible profits • The assessee's Gross Total Income (GTI) must includes any profits and gains derived from the business of developing and building housing projects or rental housing projects; and • Clause (b): Assessee should have been eligible under old Section 80-IBA of the Income Tax Act, 1961 • The deduction is not a fresh deduction under the Incom....

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....o 31.03.2026 ] • The deduction in case of an assessee whose gross total income includes any profits and gains from the business of developing and building housing projects,shall be allowed a deduction 100% of the profits and gains from such business. • Housing project shall be a project which fulfils the following conditions:- • the project is approved by the competent authority after 01.06.2016, but on or before 31.03. 2022. • the project is completed within a period of 5 years from the date of approval. • the built up area of the commercial establishments included in the housing project does not exceed 3% of the aggregate built up area • Size of the plot, a....