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Budget 2012: Grant industry status to real estate sector, says FICCI

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Budget 2012: Grant industry status to real estate sector, says FICCI

Last updated: February 21 2012
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  • Budget 2012: Grant industry status to real estate sector, says FICCI

    NEW DELHI: Notification and guidelines for housing projects under a scheme of Affordable Housing. Below provisions were approved by Parliament in Budget for 2011-2012:

    '35AD' Deduction in respect of expenditure on specified business:
    "(ad) on or after the 1st day or April, 2011, where in the specified business is in the nature of developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed."

    "(ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed."
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