Section 80-IBA of ITA, 1961 : Section 80-Iba: Deductions In Respect Of Profits And Gains From Housing Projects
ITA, 1961
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Explanation using Example
Let's consider a hypothetical scenario where Mr. Sharma is a developer who runs a construction company. In 2017, he embarked on a new project to build a housing complex in Pune, which is not one of the metro cities mentioned (Chennai, Delhi, Kolkata, or Mumbai).
His project received approval from the local municipal authority on July 15, 2017. The project included 100 residential units, each with a carpet area of 55 square metres, well within the 60 square metres limit for non-metro cities. The total carpet area for the commercial shops within the complex was kept to 2% of the aggregate carpet area, complying with the 3% maximum limit.
The plot of land was 2500 square metres, exceed...
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