the time period for which deduction under section 80IB(10) is allowed.
CHAYA MAHESHWARI (Chartered Accountant) (42 Points)
02 July 2009the time period for which deduction under section 80IB(10) is allowed.
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 02 July 2009
Ms.Chaya Maheswari
In sub-section (1) of section 80IB it has been clarified that deduction under this section is--------------such percentage and for such for such number of years.
In sub-sectin (10) of the section it has been clarified that the deduction is 100% of the profits derived for such housing project. That means the profits derived from the housing project may be spread over a number of years.
Hope you have got the clarification.
Best Wishes
Sathikonda
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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