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Date: 12-Feb-2025 Category: Extra Ordinary State: Union Government Country: India

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

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification issued by the Central Board of Direct Taxes (CBDT) notifies the Real Estate Regulatory Authority, Punjab (RERA Punjab) as an entity eligible for income tax exemption under Section 10(46A) of the Income-tax Act, 1961.
  • This notification grants RERA Punjab an exemption from income tax on its income, subject to certain conditions.

Key Changes

  • RERA Punjab (PAN: AAAJR1281N) is now a notified entity under Section 10(46A) of the Income-tax Act, 1961.
  • The notification is effective from the assessment year 2024-25.
  • The exemption is conditional upon RERA Punjab continuing to be constituted under The Real Estate (Regulation and Development) Act, 2016 and fulfilling one or more of the objectives specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act.

Impact Analysis

Impact on RERA Punjab

  • RERA Punjab needs to ensure continued compliance with Section 10(46A) of the Income-tax Act to retain the exemption.

Impact on Real Estate Developers in Punjab

  • May experience more efficient regulation and dispute resolution due to RERA Punjab's improved financial position.

Impact on Homebuyers in Punjab

  • Potentially experience increased transparency and accountability in real estate transactions.

Suggested Action Items

  • Real estate developers and homebuyers should be aware of the potential benefits arising from a financially stronger and more effective RERA Punjab.

Key Entities Referenced

Real Estate Regulatory Authority, Punjab (RERA Punjab): An authority constituted under The Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016) with PAN: AAAJR1281N. Central Board of Direct Taxes (CBDT): The issuer of the notification and the authority responsible for administering income tax in India. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 10(46A) provides for exemption of income of certain authorities. The Real Estate (Regulation and Development) Act, 2016: Legislation aimed at regulating and promoting the real estate sector in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-12022025-260955 CG-DxLx-xEG-I1D2H0x2x2x0 25-260955 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.ं 727] नई दिल्ली, बुधिार, फरिरी 12, 2025/माघ 23, 1946 No. 727] NEW DELHI, WEDNESDAY, FEBRUARY 12, 2025/MAGHA 23, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 12 फरिरी, 2025 का.आ. 731(अ).—आयकर अजधजनयम, 1961 (1961 का 43), (इसम ेंइसके पश्चात "आयकर अजधजनयम" के रूप में संिर्भडत) की धारा 10 के खंड (46क) के उप-खडं (ख) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंर सरकार एतद्द्वारा भू-संपिा विवनयामक प्राविकरण, पंजाब (पनै : AAAJR1281N) (इसम ें इसके पश्चात "जनधाडररती" के रूप में संिर्भडत), भू-संपिा (जिजनयमन और जिकास) अजधजनयम, 2016 (2016 की सं.16) के तहत गरित एक प्राजधकरण को उि खंड के प्रयोिनों के जलए अजधसूजचत करती ह।ै 2. यह अजधसूचना जनधाडरण िर्ड 2024-25 से प्रभािी होगी, बिते दक जनधाडररती आयकर अजधजनयम की धारा 10 के खंड (46क) के उप-खंड (क) म ेंजनर्िडष्ट एक या अजधक उद्दश्े यों के साथ भू-संपिा (जिजनयमन और जिकास) अजधजनयम, 2016 (2016 की संख्या 16) के अतं गतड गरित प्राजधकरण बना रह।े [अजधसूचना स.ं 16/2025/फा. स.ं 300195/31/2024-आईटीए-I] अश् िनी कुमार, अिर सजचि 1081 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 12th February, 2025 S.O. 731(E).—In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as “the Income-tax Act”), the Central Government hereby notifies the Real Estate Regulatory Authority, Punjab (PAN: AAAJR1281N) (hereinafter referred to as “the assessee”), an authority constituted under The Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016), for the purposes of the said clause. 2. This notification shall be effective from the assessment year 2024-25, subject to the condition that the assessee continues to be an authority constituted under The Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016) with one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10 of the Income-tax Act. [Notification No. 16/2025/F. No. 300195/31/2024-ITA-I] ASHWANI KUMAR, 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.

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