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Question ID : 38049

Section 80IBA

if an individual own a land & Builder approached the land owner for housing project by executing JDA (Joint Development Agreement) . Can Builder & also the land owner of his business income (other than capital gain income) can claimed benefit of Section 80IBA or only builder can take benefit of that. Also please inform is there any approval to be taken from income tax department for the project or any other authority for claiming the Section 80IBA benefits.

Posted by NADIR D SHAIKH on Mar 23, 2019

Filed Under Profits & Gains of Business & Profession

Answer ID : 76406

Only The Land owner is entitled to avail the deduction of section 80IAB and not the developers . The projected has to be approved by the Competent authority such as Municipal corporation etc and not the Income tax department

Posted by CA. BISHT RAKESH on Mar 24, 2019
Answer ID : 76415

For construction of a building, plan etc of the building is required to be approved by the local authority i.e. Municipal Corporation or Municipality. Not from the Income tax department. Here the land owner has enter a JDA with a builder. Therefore benefit of 80IBA which is limited to land owners only would not be available since it is a case of JDA.

Posted by CA. JHA SHANKAR KUMAR on Mar 26, 2019