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The Union Budget 2017-18 announced number of measures to boost affordable housing which includes Section 80-IBA which allowed 100% deduction on profits generated by developer or builder of affordable housing project.
Under section 80-IBA, inserted by the Finance Act, 2016 from 1.4.2017, deduction of 100% of profits derived from development of affordable housing projects approved on or after 1st June 2016 is available, subject to fulfilment of specified conditions.
In order to promote the development of affordable housing sector, it is proposed to amend section 80-IBA so as to provide the following relaxations:—(i) The size of residential unit shall be measured by taking into account thecarpet area as defined in Real Estate (Regulation and Development) Act, 2016 and not built-up area
