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
The provision says that when a closely held company (i.e. A company in which shares are held by a small number of shareholders) issues shares at a price which exceeds the Fair Value of shares then the difference between Issue Price and Fair Value is taxable under the head IFOS. However this will only take place when Issue Price of shares is above the Face Value. Let’s understand this by some examples. 1) Face Value - 10 , Issue Price - 15 , Fair Value - 13 , Income = 15-13 = 2 2) Face Value - 10 , Issue Price - 7 , Fair Value - 6 , Income = NIL 3) Face Value - 10 , Issue Price - 11 , Fair Value - 8 , Income = 11-8 = 3 To summarise this you have 2 steps to perform. First check if the Issue price exceeds Face Value. If yes then this section is attracted. Second , now check further that is the Issue price exceeding the Fair Value. If yes then their difference will be taxable under IFOS. Now there are few exceptions to this section. 1) Shares issued by Ven...
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