**Policy Summary:**
This notification, S.O. 5179(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on October 8, 2018, grants an exemption under clause 46 of section 10 of the Income-tax Act, 1961 to the Real Estate Regulatory Authority (RERA), Punjab.
The exemption applies to the following specified income of RERA, Punjab:
* Grants received from the Government.
* Levy collected under the Real Estate (Regulation and Development) Act, 2016, and the Punjab State Real Estate (Regulation and Development) Rules, 2017.
* Interest earned on the aforementioned grants and levies.
The notification is subject to the following conditions:
* RERA, Punjab, shall not engage in any commercial activity.
* Its activities and the nature of the specified income shall remain unchanged throughout the financial years.
* RERA, Punjab, shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
This notification is deemed to have been applied for the assessment year 2018-2019 and shall apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.
The notification number is 65/2018, and the F. No. is 300196/31/2018-ITA-I.
The notification was issued under the authority of Vinay Sheel Gautam, Under Secretary.
Key Entities Referenced
Income-tax Act, 1961: A law pertaining to income tax in India.
Central Board of Direct Taxes: A department under the Ministry of Finance responsible for direct tax administration in India.
Ministry of Finance: The ministry of the Government of India responsible for the country's finances.
New Delhi: The location of publication, New Delhi, Delhi.
Real Estate Regulatory Authority, Punjab: An authority constituted by the Government of Punjab to regulate the real estate sector.
Government of Punjab: The governing body of the state of Punjab, India.
Real Estate Regulation and Development Act, 2016: An act to regulate and promote the real estate sector and protect the interests of homebuyers.
Punjab State Real Estate Regulation and Development Rules, 2017: Rules established by the Punjab state government related to the Real Estate Regulation and Development Act.
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िववरणी दायर करेगा।
5899 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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[अिधसूचना सं. 65/2018, फा. सं. 300196/31/2018-आईटीए-I]
िवनय शील गौतम, अवर सिचव
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 8th October, 2018
S.O. 5179(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,
Punjab’, an authority constituted by the Government of Punjab, in respect of the following specified income arising to
that authority, namely:-
(a) Grants received from Government;
(b) Levy collected under the Real Estate (Regulation and Development) Act, 2016 and the Punjab State Real Estate
(Regulation and Development) Rules, 2017;
(c) Interest earned on (a) and (b) above.
2. This notification shall be effective subject to the conditions that Real Estate Regulatory Authority, Punjab,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and
(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.
3. This notification shall be deemed to have been applied for the assessment year 2018-2019 and shall apply with
respect to the assessment years 2019-2020, 2020-2021, 2021-2022 and 2022-2023.
[Notification No. 65/2018, F. No. 300196/31/2018-ITA-I]
VINAY SHEEL GAUTAM, Under Secy.
Explanatory Memorandum:-It is certified that no person is being adversely affected by giving retrospective effect to
this notification.
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.