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Question ID : 42287

PROCEDURE OF CLAIMING DEDUCTION 80IBA : Developing and Building Housing Projects

PROCEDURE OF CLAIMING DEDUCTION 80IBA : Developing and Building Housing Projects Questions 1) Do we require any special FORM to be filled before filing the Income Tax Return ?? 2) Can the deduction can we claimed directly in the ITR 3) Can the Partners in a PartnershipFirm can claim the total profit deduction in the respective partners ITR?? 4) Does it require any formalities Please elaborate the process of claiming Deduction under Sec : 80IBA

Posted by GOVIND MUNDADA on May 19, 2022

Filed Under DIRECT TAXES

Answer ID : 81504

1. There is no such form etc prescribed for the claiming deduction under section 80IBA like 10 CCB. 2.Yes the deduction can be claimed through income tax computation and filling the income tax return form. 3. The firm will claim the deduction after compliance of various prescribed conditions and definitely the share of profit of the partnership firm shall be tax free in the hands of the partners. Partners cannot claim directly. 4. There is no special formality as such.

Posted by CA. JHA SHANKAR KUMAR on May 22, 2022