This notification, S.O. 2327(E), issued by the Central Board of Direct Taxes, Ministry of Finance, Department of Revenue, on July 13, 2020, grants income tax exemptions under Section 10(46) of the Income-tax Act, 1961 to specified Real Estate Regulatory Authorities (RERAs). The exemption applies to income received as grants-in-aid or loan advances from the Government, fees/penalties from builders/developers/agents/stakeholders as per the Real Estate Regulation and Development Act, 2016, and interest earned on these amounts.
The notification is subject to the conditions that each RERA: (a) does not engage in any commercial activity; (b) maintains unchanged activities and the nature of specified income throughout the financial years; (c) files a return of income as per Section 139(4C)(g) of the Income-tax Act, 1961; and (d) files 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 compliance with the conditions.
The notification applies to the Goa Real Estate Regulatory Authority (PAN: AAAGG3912L) and the Telangana State Real Estate Regulatory Authority (PAN: AAAGT0709A) for the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.
The Director of ITA-I, Prajna Paramita, is the contact person. The notification number is 47/2020/F. No. 300196/13/2019-ITA-I.
Key Entities Referenced
Real Estate Regulatory Authority: A class of Authority notified by the Central Government, constituted under the Real Estate Regulation and Development Act, 2016.
Real Estate Regulation and Development Act, 2016: An act under which the Real Estate Regulatory Authority is constituted.
Income-tax Act, 1961: The act of the parliament of India which governs the Income tax
Ministry of Finance: The ministry under which the Department of Revenue and Central Board of Direct Taxes fall.
Department of Revenue: A department of the Ministry of Finance.
Central Board of Direct Taxes: A board under the Department of Revenue, responsible for direct taxes.
New Delhi: Location of the notification, likely the head office of the Ministry of Finance. Union territory and capital of India
Goa Real Estate Regulatory Authority: One of the Real Estate Regulatory Authorities listed in the schedule.
Telangana State Real Estate Regulatory Authority: One of the Real Estate Regulatory Authorities listed in the schedule.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-14072020-220512
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 2053] नई दिल्ली, मगं लिार, िुलाई 14, 2020/ आषाढ़ 23, 1942
No. 2053] NEW DELHI, TUESDAY, JULY 14, 2020/ASHADHA 23, 1942
जित्त मत्रं ालय
(रािस्ट्ि जिभाग)
(केंद्रीय प्रत्यक्ष कर बोडड)
अजधसचू ना
नई दिल्ली, 13 िुलाई, 2020
का.आ. 2327(अ).—आयकर अजधजनयम,1961 (1961 का 43) की धारा 10 के खडं (46) द्वारा प्रित्त
िजियों के उपयोग म,ें केंद्र सरकार एतिद्वारा ररयल एस्ट्टेट (जिजनयमन तथा जिकास) अजधजनयम, 2016 (2016 का 16)
की धारा 20 की उपधारा (1) के अन्तगतड प्रित्त िजियों के प्रयोग म ें सरकार द्वारा गरित इस अजधसूचना की अनुसूची म ें
यथा जिजनर्िष्टड “ररयल एस्ट्टेट जिजनयामक प्राजधकरण” को उि खण्ड के प्रयोिनाथड उस प्राजधकरण को होन े िा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/डिलपसड, एिेंटों
अथिा दकसी अन्य पणधारकों से प्राप्त फीस/अथड िण्ड; तथा
(ग) उपरोि (क) तथा (ख) पर अर्िडत ब्याि
2. यह अजधसूचना उन ितों के अध्यधीन प्रभािी होगी दक ररयल एस्ट्टेट जिजनयामक प्राजधकरण में से प्रत्येक-
(क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा;
(ख) जिजनर्िष्टड आय के संबंध म ेंदियाकलाप और जििेष आय की प्रकृजत, जित्तीय िषों के िौरान अपररिर्तडत रहगे ी;
3122 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(ग) आयकर अजधजनयम,1961 की धारा 139 की उपधारा–4(ग) के खडं (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 में यथा प्रिान की गई लेखाकार द्वारा जिजधित सत्याजपत की गई लेखा परीक्षा ररपोट ड
िायर करेगा।
3. यह अजधसूचना नीचे कॉलम (2) पर उजल्लजखत ररयल एस्ट्टेट जिजनयामक प्राजधकरण को नीच ेकॉलम(4) में उजल्लजखत
कर जनधाडरण िषों के बारे म ेंलागू होगी।
अनसु चू ी
िम. ररयल एस्ट्टेट जिजनयामक प्राजधकरण का पनै कर जनधारड ण िष ड
स.ं नाम
(1) (2) (3) (4)
1. गोआ ररयल एस्ट्टेट जिजनयामक एएएिीिी3912एल 2019-2020, 2020-2021, 2021-
प्राजधकरण 2022, 2022-2023 तथा 2023-2024
2. तेलगं ाना राज्य ररयल एस्ट्टेट जिजनयामक एएएिीटी0709ए 2019-2020, 2020-2021, 2021-
2022, 2022-2023, तथा 2023-2024
प्राजधकरण
[अजधसूचना सं. 47/2020/फा. सं. 300196/13/2019-आईटीए-I]
प्रज्ञा पारजमता, जनिेिक (आईटीए-I)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 13th July, 2020
S.O. 2327(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 Grants-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) and (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;
(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.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3
(d) shall file the Audit report along with the 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 PAN Assessment Years
Authority
(1) (2) (3) (4)
1. Goa Real Estate Regulatory Authority AAAGG3912L 2019-2020, 2020-2021, 2021-2022,
2022-2023, 2023-2024
2. Telangana State Real Estate AAAGT0709A 2019-2020, 2020-2021, 2021-2022,
Regulatory Authority 2022-2023, 2023-2024
[Notification No. 47/2020/F. No. 300196/13/2019-ITA-I]
PRAJNA PARAMITA, Director, (ITA-1)
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.