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CS Executive · Tax Laws and Practice · Deductions

Under section 142 of the Income-tax Act, 2025, the deduction from profits of a housing project is calculated and available for such tax years as would have been allowed under which provision of the 1961 Act, as if that Act had not been repealed?

The reference is to section 80-IBA of the Income-tax Act, 1961. Section 142 of the 2025 Act gives a deduction on profits from housing or rental housing projects, with the amount and the years of allowance determined as under section 80-IBA, as if the old Act had not been repealed.

  1. ASection 80-IBACorrect
  2. BSection 80-IA
  3. CSection 80-C
  4. DSection 80-EEA

Explanation

Section 142 refers to profits from developing and building housing projects or rental housing projects under section 80-IBA of the 1961 Act, and calculates the deduction and years of allowance as per that section.

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