Section 80-IBA Affordable Housing Scheme

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Section 80-IBA Affordable Housing Scheme

Section 80-IBA Affordable Housing Scheme:-

The existing provisions of section 80-IBA of the Act provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing and building affordable housing projects, there shall, subject to certain conditions specified therein, be allowed a deduction of an amount equal to 100% of the profits and gains derived from such business. The conditions contained in the section prescribe that the project is approved by the competent authority during the period from 1st June, 2016 to 31st March, 2020.

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Amendment:-

         In order to incentivise building affordable housing to boost the supply of such houses, the period of approval of the project by the competent authority is proposed to be extended to 31st March, 2021.

        This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year  2021-22 and subsequent assessment years.

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