Section 80IBA

Section 80IBA (Affordable Housing Scheme / House For All)

Income Tax - After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to th...

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Deductions in respect of Profits and Gains from Housing Projects

Income Tax - Deductions in respect of Profits and Gains from Housing Projects (Section 80-IBA)- In order to provide impetus to affordable housing sector to achieve the larger objective of 'Housing for All', section 80-IBA has been inserted....

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Section 80 IBA | Affordable Housing Scheme | Income Tax Deduction

Income Tax - Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […...

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Decoding 80IBA: 100% tax deduction for affordable housing project

Income Tax - To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme: ...

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Section 80-IBA Affordable Housing Scheme: Analysis of Section, FAQs, Relevant Case Laws and Updated with Finance Act 2020

Income Tax - Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

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Section 80-IBA deduction extended for one more year (Budget 2019)

Income Tax - While presenting interim Budget 2019-20  For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year, i.e., to the housing projects approved till 31st March, 2020. Also, for giving impetus to the real estate sector, the Finance Minister proposed to ...

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Recent Posts in "Section 80IBA"

Section 80IBA (Affordable Housing Scheme / House For All)

After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016. Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to th...

Read More
Posted Under: Income Tax |

Deductions in respect of Profits and Gains from Housing Projects

Deductions in respect of Profits and Gains from Housing Projects (Section 80-IBA)- In order to provide impetus to affordable housing sector to achieve the larger objective of 'Housing for All', section 80-IBA has been inserted....

Read More
Posted Under: Income Tax |

Section 80 IBA | Affordable Housing Scheme | Income Tax Deduction

Sub: Opinion on Section 80-IBA of Income Tax Act, 1961 (i.e Affordable Housing Scheme) (I) Facts of the Case: Brief Description on Section 80-IBA of Income Tax, 1961 (Housing For All) Scheme. (II) Analysis : Provisions of Section 80- IBA of Income Tax Act, 1961: (1) Deduction of 100% profits to Affordable Housing Projects: Where […...

Read More
Posted Under: Income Tax |

Decoding 80IBA: 100% tax deduction for affordable housing project

To make purchase of house affordable and give tax incentives to Real Estate Developers Government in the current Union Budget 2016, have announced 100% deduction of the profits and gains derived from construction business, by insertion of new section 80 IBA of Income Tax Act, 1961. Following are the conditions under the scheme: ...

Read More
Posted Under: Income Tax | ,

Section 80-IBA Affordable Housing Scheme: Analysis of Section, FAQs, Relevant Case Laws and Updated with Finance Act 2020

Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

Read More
Posted Under: Income Tax |

Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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Posted Under: Income Tax |

Section 80IBA Time limit for approval of project extended to 31.03.2021

Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of section 80-IBA of the Act, inter alia, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developi...

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Posted Under: Income Tax |

100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Posted Under: Income Tax |

Section 80IBA of Income Tax Act with Alternate Minimum Tax

Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business....

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Posted Under: Income Tax |

Section 80IBA- 100% Tax deduction on Affordable House construction Income

CBDT has inserted section 80IBA by Finance Act, 2016.The provisions of this sections are designed in such way that, it will help to achieve a goal of Housing for All by 31 March 2022....

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Posted Under: Income Tax |

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