This notification, S.O. 2041(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs on June 25, 2020, pertains to an exemption under clause 46 of section 10 of the Income-tax Act, 1961. It notifies Real Estate Regulatory Authorities (RERAs), constituted under the Real Estate Regulation and Development Act, 2016, as a class of Authority eligible for exemption in respect of specific income.
The specified income includes: (a) Grant-in-aid or loan/advance from the Government; (b) Fees/penalties received from builders/developers, agents, or other stakeholders as per the provisions of the Real Estate Regulation and Development Act, 2016; and (c) Interest earned on (a) and (b).
The exemption is conditional upon the RERA: (a) not engaging in any commercial activity; (b) maintaining an unchanged nature of specified income and activities throughout the financial years; (c) filing a return of income in accordance with clause (g) of subsection (4C) of Section 139 of the Income-tax Act, 1961; and (d) filing an audit report, verified by an accountant as per section 288(2) of the Income-tax Act, 1961, along with a certificate from a chartered accountant confirming the fulfillment of the stated conditions.
The notification applies to the following RERAs for the assessment years specified:
1. **Odisha Real Estate Regulatory Authority** (PAN: AAAGO0648F) for assessment years 2020-2021, 2021-2022, 2022-2023, 2023-2024, and 2024-2025.
2. **Jharkhand Real Estate Regulatory Authority** (PAN: AAALJ2126L) for assessment years 2020-2021, 2021-2022, 2022-2023, 2023-2024, and 2024-2025.
The notification number is 37/2020, and the file number is F.No. 300196/50/2019-ITA-I. The issuing authority is Gulzar Ahmad Wani, Under Secretary.
Key Entities Referenced
Real Estate Regulatory Authority: A class of Authority notified by the Central Government under Section 10(46) of the Income-tax Act, 1961.
Income-tax Act, 1961: A law pertaining to income tax in India, specifically section 10, clause 46 and section 139, 2882 mentioned in the context of tax exemptions and compliance for the Real Estate Regulatory Authority.
Real Estate Regulation and Development Act, 2016: An act under which the Real Estate Regulatory Authority is constituted and by which it can collect fees/penalties from builders, developers, agents or any other stakeholders.
Ministry of Finance, Department of Revenue: The government ministry and department responsible for issuing the notification regarding income tax exemptions for the Real Estate Regulatory Authority.
Central Board of Indirect Taxes and Customs: The issuing authority of the notification.
New Delhi: Location where the notification was issued. It is the capital of India.
Odisha Real Estate Regulatory Authority: One of the specific Real Estate Regulatory Authorities listed in the schedule, located in Odisha, India.
Jharkhand Real Estate Regulatory Authority: One of the specific Real Estate Regulatory Authorities listed in the schedule, located in Jharkhand, India.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-25062020-220165
xxxGIDHxxx
CG-DL-E-25062020-220165
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 1815] नई दिल्ली, बहृ स्ट्प जतिार, िनू 25, 2020/आषाढ़ 4, 1942
No. 1815] NEW DELHI, THURSDAY, JUNE 25, 2020/ASHADHA 4, 1942
जित्त मंत्रालय
(रािस्ट्ि जिभाग)
(केन्द्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड)
अजधसचू ना
नई दिल्ली, 25 िून, 2020
का.आ. 2041(अ).—आयकर अजधजनयम,1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त
िजियों के उपयोग म,ें केंर सरकार एतिद्वारा ररयल एस्ट्टेट (जिजनयमन तथा जिकास) अजधजनयम, 2016 (2016 का
16) की धारा 10 की उपधारा (1) के अन्द्तगतड प्रित्त िजियों के प्रयोग म ें सरकार द्वारा गरित इस अजधसूचना की अनुसूची
में यथा जिजनर्िष्टड “ररयल एस्ट्टेट जिजनयामक प्राजधकरण” को उि खण्ड के प्रयोिनाथड उस प्राजधकरण को होने िाली
जनम्नजलजखत जिजनर्िष्टड आय के बारे में ‘प्राजधकरण के िग’ड के रूप में अजधसूजचत करती ह,ै नामत:-
(क) सरकार से सहायता अनुिान अथिा ऋण/अजिम के रूप म ेंप्राप्त राजि;
(ख) ररयल एस्ट्टेट (जिजनयमन तथा जिकास) अजधजनयम, 2016 के प्रािधानों के अनुसार जबल्डसड/डिलपस,ड
एिेंटों अथिा दकसी अन्द्य पणधारकों से प्राप्त फीस/अथ डिण्ड;
(ग) जिजिध आय, यदि कोई हो, प्राजधकरण के मुख्य कायडकलाप से संबंजधत; तथा
(घ) उपरोि (क) (ख) तथा (ग) पर अर्िडत ब्याि।
2787 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
2. यह अजधसूचना उन ितों के अध्यधीन प्रभािी होगी दक ररयल एस्ट्टेट जिजनयामक प्राजधकरण म ेंसे प्रत्येक-
(क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा;
(ख) जिजनर्िष्टड आय के संबंध में दियाकलाप और जििेष आय की प्रकृजत, जित्तीय िषों के िौरान अपररिर्तडत
रहगे ी;
(ग) आयकर अजधजनयम,1961 की धारा 139 की उपधारा – 4(ग) के खंड (छ) के प्रािधान के अनुसार आय की
जििरणी िायर करेगा; और
(घ) सनिी लेखाकार स े इस प्रमाणपत्र के साथ दक उपरोि ित ें संतोषिनक हैं, सजहत आयकर अजधजनयम,
1961 की धारा 288(2) के स्ट्पष्टीकरण म ें यथा प्रिान की गई लेखाकार द्वारा जिजधित सत्याजपत की गई
लेखा परीक्षा ररपोटड िायर करेगा।
3. यह अजधसूचना नीच े कॉलम (2) पर उजल्लजखत ररयल एस्ट्टेट जिजनयामक प्राजधकरण को नीच े कॉलम(4) म ें
उजल्लजखत कर जनधाडरण िषों के बारे म ेंलागू होगी।
अनसु चू ी
िम. स.ं ररयल एस्ट्टेट जिजनयामक प्राजधकरण का पनै (3) कर जनधारड ण िष ड
(1)
नाम
(4)
(2)
1. उडीसा ररयल एस्ट्टेट जिजनयामक प्राजधकरण एएएिीओ0648एफ 2020-2021,2021-2022,2022-2023,
2023-2024 तथा 2024-2025
2. झारखण्ड ररयल एस्ट्टेट जिजनयामक प्राजधकरण एएएएलिे2126एल 2020-2021,2021-2022,2022-2023,
2023-2024 तथा 2024-2025
[अजधसूचना सं. 37/2020, फा. सं. 300196/50/2019-आईटीए-I]
गलु ज़ार अहमि िाणी, अिर सजचि
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 25th June, 2020
S.O. 2041 (E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Real Estate
Regulatory Authority’ as specified in the schedule to this notification, constituted by Government in exercise of
powers conferred under sub-section (1) of Section 20 of the Real Estate (Regulation and Development) Act, 2016 (16
of 2016) as a ‘class of Authority’ in respect of the following specified income arising to that Authority, namely:—
(a) Amount received as Grant-in-aid or loan/advance from Government;
(b) Fee/penalty received from builders/developers, agents or any other stakeholders as per the provisions
of the Real Estate (Regulation and Development) Act, 2016;
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that each of the Real Estate Regulatory
Authority –
(a) shall not engage in any commercial activity;[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years;
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of Section
139 of the Income-tax Act, 1961; and
(d) shall file the audit report along with return, duly verified by the accountant as provided in explanation
to section 288(2) of the Income-tax Act, 1961 along with a certificate from the chartered accountant
that the above conditions are satisfied.
3. This notification shall apply to the Real Estate Regulatory Authority, mentioned at column (2)
below, with respect to the assessment years mentioned in column (4) below.
SCHEDULE
S.No. Name of the Real Estate Regulatory Authority PAN Assessment Years
(1)
(2) (3)
1 Odisha Real Estate Regulatory Authority AAAGO0648F 2020-2021, 2021-2022,
2022-2023, 2023-2024
and 2024-2025
2 Jharkhand Real Estate Regulatory Authority AAALJ2126L 2020-2021, 2021-2022,
2022-2023, 2023-2024
and 2024-2025
[Notification No. 37/2020/F.No. 300196/50/2019-ITA-I]
Gulzar Ahmad Wani, Under Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.