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Date: 12-Oct-2024 Category: Extra Ordinary State: Union Government Country: India

Notification u/s 10(46) of the Income Tax Act, 1961 in the case of Real Estate Regulatory Authority, New Delhi

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This notification from the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, India, exempts certain income of the Real Estate Regulatory Authority, New Delhi (RERA-ND) from income tax under Section 10(46) of the Income Tax Act, 1961.

Key Changes

  • The RERA-ND (PAN: AAALR1691Q), constituted under Section 20(1) of the Real Estate (Regulation and Development) Act, 2016, is notified for exemption from income tax on specific income streams.
  • The exempted income includes: (a) Grants-in-aid or loans/advances from the government; (b) Fees/penalties received from builders, developers, agents, or other stakeholders as per the Real Estate (Regulation and Development) Act, 2016; and (c) Interest earned on (a) and (b).
  • The exemption is subject to conditions: (a) RERA-ND will not engage in any commercial activity; (b) its activities and the nature of its specified income will remain unchanged throughout the financial years; and (c) it will file its income tax return as per Section 139(4C)(g) of the Income Tax Act, 1961.
  • This notification is applicable retrospectively for financial years 2018-2019 to 2022-2023 (assessment years 2019-2020 to 2023-2024).
  • The notification explicitly states that no person is adversely affected by the retrospective application.

Impact Analysis

Impact on RERA-ND

  • RERA-ND must adhere to the conditions outlined in the notification to maintain the tax exemption. Failure to comply could result in the loss of the exemption and potential tax liabilities.

Impact on Builders/Developers/Stakeholders

  • No direct impact on builders, developers, or other stakeholders, except potentially indirectly through the strengthened financial position of RERA-ND, which may influence regulatory actions.

Impact on Government

  • The government may see improved regulatory efficiency and effectiveness as a result of RERA-ND's strengthened financial position.

Suggested Actions

  • The government should monitor RERA-ND's activities to ensure the effectiveness of the tax exemption policy.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The issuing authority of the notification. Central Board of Direct Taxes (CBDT): The body responsible for administering direct taxes in India. Real Estate Regulatory Authority, New Delhi (RERA-ND): The regulatory authority benefiting from the tax exemption. PAN: AAALR1691Q Income Tax Act, 1961: The primary legislation under which the exemption is granted. Real Estate (Regulation and Development) Act, 2016: The legislation under which RERA-ND is constituted.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12102024-257815 CG-DxLx-xEG-I1D2H1x0x2x0 24-257815 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.ं 4037] नई दिल्ली, िजनिार, अक्त बू र 12, 2024/आज‍ि न 20, 1946 No. 4037] NEW DELHI, SATURDAY, OCTOBER 12, 2024/ASVINA 20, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल् ली, 11 अक् तूबर, 2024 का.आ. 4400(अ).— आयकर अजधजनयम, 1961 (1961 का 43) की धारा 10 के खंड (46) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंर सरकार एतद्द्वारा उि खडं के प्रयोिनों के जलए, ररयल एस्ट्टेट (जिजनयमन और जिकास) अजधजनयम, 2016 (2016 का 16) की धारा 20 की उप-धारा (1) के तहत गरित एक प्राजधकरण 'ररयल एस्ट्टेट जिजनयामक प्राजधकरण, नई दिल्ली (पैन : AAALR1691Q)' को उस प्राजधकरण को उत्पन्न होने िाली जनम्नजलजखत जिजनर्िडष्ट आय के संबंध म ें अजधसूजचत करती ह,ै अर्ाडत: (क) सरकार से अनुिान सहायता या ऋण/अजिम के रूप म ेंप्राप्त राजि; (ख) ररयल एस्ट्टेट (जिजनयमन और जिकास) अजधजनयम, 2016 के प्रािधानों के अनुसार जबल्डरों/डेिलपसड, एिेंटों या दकसी अन्द्य जहतधारकों से प्राप्त िुल्क/िुमाडना; और (ग) उपरोि (क) और (ख) पर अर्ितड ब्याि। 6549 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] 2. यह अजधसूचना इन ितों के अधीन प्रभािी होगी दक ररयल एस्ट्टेट जिजनयामक प्राजधकरण, नई दिल्ली – (क) दकसी भी व्यािसाजयक गजतजिजध में िाजमल नहीं होगा; (ख) गजतजिजधयााँ और जनर्िष्टड आय की प्रकृजत परू े जित्तीय िर्षों में अपररिर्तडत रहगें ी; और (ग) आयकर अजधजनयम, 1961 की धारा 139 की उप-धारा (4 ग) के खडं (छ) के प्रािधान के अनुसार आय की जििरणी िाजखल करेगा। 3. यह अजधसूचना जित्तीय िर्षड 2018-2019 से 2022-2023 से संगत क्रमिः जनधाडरण िर्षड 2019-2020 से 2023-2024 के जलए लाग ूमानी िाएगी। [अजधसूचना स.ं 109 /2024/फा. स.ं 300196/57/2018-आईटीए-I] जिकास ससंह, जनिेिक (आईटीए-I) स्ट्पष्टीकरण ज्ञापन यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेने से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह।ै MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th October, 2024 S.O. 4400(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, New Delhi (PAN AAALR1691Q)’ an Authority constituted under sub-section (1) of Section 20 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), 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; and (c) Interest earned on (a) & (b) above. 2. This notification shall be effective subject to the conditions that the ‘Real Estate Regulatory Authority, New Delhi – (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 applicable for the financial years 2018-2019 to 2022-2023 relevant to assessment years 2019-2020 to 2023-2024 respectively. [Notification No. 109 /2024/F. No. 300196/57/2018-ITA-I] VIKAS SINGH, Director ITA-I 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.

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