Deduction of 80ib

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shweta bombe (Querist)
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05 November 2012 WHETHER DEDUCTION OF 80IB IS AVAILABLE FOR AY 13-14 ONWARDS IF PROJECT IS APPROVED DURING FINANCIAL YEAR 12-13.

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CA BHUVNESH S.VILAYATRANI

CA BHUVNESH S.VILAYATRANI (Expert)
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05 November 2012 The Condition of the above Section is very clear that where Housing Project has been approved on or after 01/04/2005,It should be completed within 5 years from the end of the Financial Year in which the Housing Project is approved by the Local Authority.Hence if the Project is approved by the Authority during Financing Year 2012-13 & Project is completed is completed withing Same Financial Year, Deduction u/s 80(IB)10 is available.