Deduction U/S 80IB

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2010 What is the exact project approval date in case of project covered u/s 80IB?

Is it the construction approval given by the Municiapl Corporation.

If the project has been approved on 30-03-2002 what is the maximum date by which it should be completed.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 August 2010 (a) such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998 and completes such construction,—

(i) in a case where a housing project has been approved by the local authority before the 1st day of April, 2004, on or before the 31st day of March, 2008;

(ii) in a case where a housing project has been, or, is approved by the local authority on or after the 1st day of April, 2004 63a[but not later than the 31st day of March, 2005], within four years from the end of the financial year in which the housing project is approved by the local authority;

63a[(iii) in a case where a housing project has been approved by the local authority on or after the 1st day of April, 2005, within five years from the end of the financial year in which the housing project is approved by the local authority.]

Explanation.—For the purposes of this clause,—

(i) in a case where the approval in respect of the housing project is obtained more than once, such housing project shall be deemed to have been approved on the date on which the building plan of such housing project is first approved by the local authority;

(ii) the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority;

So i think it was 31.03.2008.