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Section 80-IBA deduction

The current government has focused a lot on affordable housing through its various schemes. The government is providing affordable housing loans at less rates. Then the principal paid on loan can be claimed under section 80C and interest under Section 24(b) upto Rs 2 lakhs and a further deduction of interest of 50,000 and 1.5 lakhs under newly inserted section 80 EE and 80EEA respectively. builders government has provided them 100% deductions in profits under a Ti bi a letter study it in detail who is covered 80ib a applies to a builder or developer of the affordable housing society who himself sells the units therefore if a builder is just working as a work contractor then he will not be eligible to claim the deduction Quantum and years hundred percent of the profits generated from that project will be allowed as deduction for other there is no time limit for which the benefit of the deduction can be claimed that is deduction can be claimed for an unlimited number of years general conditions the project should have been approved between 1st June 2016 to 31st of March 2021

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