RE: [aurangabad_ca] exemption u/s 80IB (10) e INCOME TAX ACT
You first need to see if the condition of the area of the house is not breached. If the house has been sold to husband and wife there is every possibility that the separating wall of both the tenements has been demolished or does not exist and there is risk of not meeting the upper limit of the built up area criterion. If there is only technical breach of sale to Husband and wife and the tenements are still different, then you will still have a case for continuing of exemption.
Harish Lalwani
From: aurangabad_ca@
Sent: Friday, December 25, 2009 2:09 PM
To: aurangabad_ca@
Subject: [aurangabad_
Sir,
Finance (No 2) Act 2009 which is passed in August 2009 has made amendment in Sec 80 (IB) (10) (e) which has laid additional condition for deduction. U/s 80(IB) (10)
It Read as follows.
(e) "Not More than one residential unit in the housing project is allotted to any person net being an individual or if an individual then to his spouse or minor child, HUF etc."
This amendment is made effective A.Y. beginning from 01/04/2010 i.e. F.Y. 2009-10. My Query is follows.
Whether the exemption will be available to an enterprise which allots a residential unit to a individual and his spouse {so it attracts Sec 80 (IB) (10) (e) and (f)} but transaction of sale is completed and entire money is received or, Sale deed is executed between 01/04/2009 to July 2009 before passing of the budget .
Because the Said amendment is retrospective in effect from 01/04/2009 to date of passing of budget and if such transaction as referred in Sub section 'e' & 'f' are carried from 01/04/2009 to Budget passing date, it would be harsh on enterprises to be denied exemption U/s 80 (IB) (10) on this ground.
'Pl advise'
CA CHETAN MALVIYA
NAGPUR
9921548387
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