(10)[ The amount of deduction in the case of an undertaking developing and building housing projects approved before the ] [ Substituted by Act 23 of 2004, Section 18, for sub-Section (10) (w.e.f. 1.4.2005).][31st day of March, 2008] [ Substituted by Act 33 of 2009, Section 37, for " 31st day of March, 2007" (w.e.f. 1.4.2009).][by a local authority shall be hundred per cent. of the profits derived in the previous year relevant to any assessment year from such housing project if,-(a)such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998 and completes such construction,-(i)in a case where a housing project has been approved by the local authority before the 1st day of April, 2004, on or before the 31st day of March, 2008;(ii)in a case where a housing project has been, or, is approved by the local authority on or after the 1st day of April, 2004, within four years from the end of the financial year in which the housing project is approved by the local authority.Explanation. - For the purposes of this clause,-(i)in a case where the approval in respect of the housing project is obtained more than once, such housing project shall be deemed to have been approved on the date on which the building plan of such housing project is first approved by the local authority;(ii)the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority;(b)the project is on the size of a plot of land which has a minimum area of one acre:Provided that nothing in clause (a) or clause (b) shall apply to a housing project carried out in accordance with a scheme framed by the Central Government or a State Government for reconstruction or redevelopment of existing buildings in areas declared to be slum areas under any law for the time being in force and such scheme is notified by the Board in this behalf;(c)the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the city of Delhi or Mumbai or within twenty-five kilometres from the municipal limits of these cities and one thousand and five hundred square feet at ][any other place; ] [Substituted by Act 33 of 2009, Section 37, " any other place; and" (w.e.f. 1.4.2010).](d)[ the built-up area of the shops and other commercial establishments included in the housing project does not exceed five per cent. of the aggregate built-up area of the housing project or two thousand square feet, whichever is less.] [ Substituted by Act 23 of 2004, Section 18, for sub-Section (10) (w.e.f. 1.4.2005).](e)[ not more than one residential unit in the housing project is allotted to any person not being an individual; and [Inserted by Act 33 of 2009, Section 37 (w.e.f. 1.4.2010).](f)in a case where a residential unit in the housing project is allotted to a person being an individual, no other residential unit in such housing project is allotted to any of the following persons, namely:-(i)the individual or the spouse or the minor children of such individual,(ii)the Hindu undivided family in which such individual is the karta,(iii)any person representing such individual, the spouse or the minor children of such individual or the Hindu undivided family in which such individual is the karta.][Explanation. - For the removal of doubts, it is hereby declared that nothing contained in this sub-section shall apply to any undertaking which executes the housing project as a works contract awarded by any person (including the Central or State Government).] [ Inserted by Act 33 of 2009, Section 37 (w.r.e.f. 1.4.2001).]
