|Question And Answer|
|Subject:||Condition of Stamp duty Value and Claim of Deduction U/Sec. 80IBA|
|Querist:||CA Kranti C. Bhoir|
|Answered by:||Advocate Rahul Hakani|
|Tags:||80IBA, Stamp duty value|
|Date:||March 29, 2023|
As per provisions of Sec. 80IBA, the maximum value of the house to be constructed for being eligible for deduction under this section for projects approved after 1.09.2019 shall be restricted to Rs. 45 lakhs as per Stamp duty Rates.
Satisfaction of condition for being eligible for claiming deduction U/s. 80IBA with respect to Stamp Duty Value up to Rs. 45 Lakhs is to be seen at what point of time i.e. only once at the time of project approval by competent Authority or whenever the unit is sold as the stamp duty value keeps on changing almost every year in certain areas.
The stamp value has to be seen only at the time the project is approved by the Competent Authority. One may get support from Section 50C of the Act wherein the legislature has used the word assessed or assessable.