housing project

Deduction under section 80-IB(10) available on a year to year basis for an undertaking engaged in developing and building housing projects showing profit on partial completion method Full Article

For enabling the benefit of section 80-IB it has become a condition precedent that housing projects in places other than Delhi and Mumbai should not exceed the built-up area of 1500 sft.; a block of residential unit cannot be construed to be a separate project for purposes of section 80-1B. Full Article

THE INSTITUTE of Chartered Accountants of India (ICAI) has raised questions about ICICI Bank’s home loans business and has sought a fresh central bank audit of a two-year-old sale deal of dud loans, after a Mumbai-based chartered accountant spotted irregularities in some loans.“The regulator should re-audit assets sold to ARCIL,” ICAI president Uttam Prakash Agarwal [...] Full Article

SUMMARY OF CASE LAW If an assessee has developed a housing project, wherein the majority of the residential units has a built-up area of less than 1500 sq.ft. i.e., the limit prescribed by section 80-IB(10) and only a few residential units are exceeding the built-up area of 1500 sq. ft., there would be no justification [...] Full Article

SUMMARY OF CASE LAW The concept of housing project does not mean that there should be the group of the buildings and only then same is called as “Housing Project” CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH, `F’ : MUMBAI, In The case of: Vandana Properties v.ACIT, Appeal No.: ITA NO. 1253/MUM/2007, Decided on: APRIL 29, 2009 [...] Full Article

Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be operative except for the projects approved on or before 31 03 [...] Full Article

The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.The government is considering a proposal to make home loans cheaper for consumers through interest subsidy, aiming to stimulate demand in the realty sector which has a spin-off effect on many industries like cement and steel, said a senio.. Full Article

Court noted that basic requirement of Sec.53A of TPA is a written agreement and Sec.2(47)(v) can be invoked only if conditions laid out in Sec.53A are fulfilled. In the instant case there was neither any written agreement between the Assessee and builder nor any consideration received by her thus 53A of TPA can't come into play as a result of which 2(47)(v) can't be invoked. Thus it held that there was no transfer in the instant case within the meaning of Sec.2(47)(v) of.. Full Article