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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 approved, irrespective of the number of times the same has been revised later on.
·        The project, for the purpose of availing of the benefits, is deemed to have been completed when the certificate of completion has been obtained in writing, from the approving authority of the area.
·        There can be only one project on the plot of land earmarked for the housing project.
·        Only one flat can be allotted to one family comprising of the husband, wife and minor children.
·        The developer has to maintain separate books of accounts for the housing project, for availing of the deduction under this section.
·        the size of the plot of land should be a minimum of 1,000 sq metres for projects situated within the municipal limits of the four metro cities and a minimum of 2,000 sq metres for projects in the rest of India.
·        According to the new scheme, the area of Delhi and Mumbai have been expanded, to include the entire National Capital Region (NCR) and Mumbai Metropolitan Region (MMR), respectively. Additionally,the new scheme includes Bengaluru and Hyderabad within the ambit of metro cities, for the purpose of minimum size of the plot of land, on which the eligible housing project can be undertaken.
·        The maximum size of the unit that can be constructed, has been raised to 60 sq metres for Metros and 90 sq metres for non-metros.
Maximum rate of Property
·        The maximum value of the house to be constructed for being eligible under this section, for projects approved after September 1, 2019, shall be restricted to Rs 45 lakhs as per the stamp duty rates, irrespective of the rate at which the developer sells them to the customers.
 ·        FSI utilisation
For projects under this section, there is a requirement that at a minimum of 90% of the available FSI should be used for plots in metro cities and 80% of the available FSI should be used for plots in non-metro cities, for projects approved.

SMART TAX PLANNING IS MUST FOR GETTING TAX BENEFITS, THAT’S WHY GOOD GOVERNANCE IS INEVITABLE FOR THE WIN IN BUSINESS………………………………………………








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