Answers On Topic: section 80IBA deduction
Respected Sir / Madam Request you to kindly guide on the following matter. The learned AO disallowed the deduction claimed by the appellant u/s 80IBA of the Act on the ground that the appellant had not fulfilled the conditions stipulated under section 80IBA of maintaining separate books of accounts for all the activities undertaken by it during the year under consideration and drawn the inference that appellant is maintaining common books of accounts for the entire plot only on the basis of perusal of Financial Statements .
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My client is builder He is complying with all conditions mentioned in Section 80IBA , But he is following Project Completion Method to book the sales due to which at the time when Project Receives the completion certificate the builder executes the sale deed and book the sales . so every year he creates the work in progress and file the nil return . and in the year when he executes the sales he books the revenue . can he still claim benefit of 80IBA till the sale of all of units of project
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We have Filed IT return for FY 2021-22 with deduction u/s 80IBA. and no option to file 10CCB was available that time as well. Now, Notice received saying you claimed deduction u/s 80IB and not filed for 10CCB. so not allowed for deduction. what action to tackle on this?
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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. Does this means developers can sale the units for any consideration more than 45 lakhs also till the stamp duty valuation is 45 lakhs. ? Whether tolarance limit of 10% as given in Sec. 43CA and 50C is applicable while considering stamp duty rates of the residential units for claiming deduction U/Sec.80IBA ? pl guide .
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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
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Disallowance of deduction claimed u/s 80IBA of the Act .