New Hotel Project and Convention Centers in NCT – Deduction under section 80 ID: Budget 2010

This section was introduced by the Finance Act, 2007, for encouraging investment in the hotels and convention centers in the National capital territory of Delhi and the districts of Faridabad, Gurgaon, Gautam Budh Nagar and Gaziabad. This provision was introduced specifically for giving impetus to investment for ensuing common wealth games. In the said section, it is provided that for becoming eligible for the deduction, the hotel should start functioning and the convention centre should complete construction on or before 31^st March, 2010. A further extension of period upto 31^st July, 2010 is granted in this regard.