100% TAX BENEFITS FOR BUILDERS….grab the opportunity and be the part of Mission of our Government ‘Housing for All by 2022’
Important Information must know by Builders for taking benefits: · If your project is not approved by competent authority, still there is a time to get approved before March 2020. · Sec 80IBA of Income Tax Act, 1961 gives you this benefit · All the projects approved and meeting the conditions prescribed under Section 80IBA, are entitled to claim a deduction of 100% of the profits, with respect to the project approved. Conditions to be fulfilled, for availing of the benefit under Section 80IBA There are conditions that the developer must satisfy, for availing the benefit of 100% tax-free income. · The carpet area of the commercial establishment in the project, should not exceed 3% of the aggregate of carpet area of the project. · The projects are required to be completed within five years, from the date of the approval of the authority concerned. · The approval is deemed to have been granted when the plan is first appro