Monday, June 15, 2015

Tax relief for housing projects with shops

The Supreme Court, in case of CIT vs Sarkar Builders held that the developers of housing projects with commercial complexes embedded in them can claim deduction of 100 per cent of profits subject to certain conditions.The benefit of the judgment will go to builders who finished their projects on or after April 1, 2005, though the local authorities might have sanctioned them much earlier, and the construction started before that date. The relevant provision, section 80IB (10)(d) of the Income Tax Act, was amended prospectively on that date.

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