In section 80-IBA of the Income-tax Act, with effect from the 1st day of April, 2022,––(a)after sub-section (1) , the following sub-section shall be inserted, namely:––“(1A) Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building rental housing project,there shall be allowed a deduction of an amount equal to hundred per cent. of the profits and gains derived from such business.”;(b)in sub-section (2), in clause (a), for the figures “2021”, the figures “2022”shall be substituted;(c)in sub-section (6), after clause (d), the following clause shall be inserted, namely:––‘(da) “rental housing project” means a project which is notified by the Central Government in the Official Gazette under this clause on or before the 31st day of March, 2022 and fulfils such conditions as may be specified in the said notification;’.
