Answers On Topic: Deduction 80IBA
Whether an individual tax payer can claim deduction u/s 80IBA against his share of business income in a revenue sharing JV for affordable housing projects? If yes, conditions required to be fulfilled.and any case laws on the same.
► Read Answer
The assessee is a owner of land admeasuring 1 lakhs sq ft. Assessee has decided to develop the housing project on the said land in a phased manner. The first phase is on a plot of land having area 2500 sq mtr. The project satisfies all the conditions of the section. After obtaining the completion certificate of the project assessee has commenced phased 2, which also satisfies all the conditions of the section. However, the AO has issued a show cause that in view of section 80IBA(2)(e), that assessee is eligible for deduction u/s 80IBA on the plot of land…
► Read Answer
In case of Builders 100% deduction is allowable under section 80IBA. Is there any form to be uploded duly certified by CA like form 10CCB? To the best of my knowledge no such form is prescibed. However in the faceless scrutiny the department is asking for above form
► Read Answer
Deduction u/s 80IBA for an individual land owner against business income in revenue sharing JV for affordable housing projects.