The Central Board of Direct Taxes (CBDT) notified the Real Estate Regulatory Authority ( RERA ) eligible for exemption under section 10(46) of the Income Tax Act, 1961.
The Government has notified the Income Tax Exemption to ‘Real Estate Regulatory Authority’ constituted by Government in the exercise of powers conferred under sub-section (1) of section 20 of the Real Estate (Regulation and Development) Act, 2016 as a ‘class of Authority’ in respect of the specified income namely amount received as Grants-in-aid or loan/advance from Government; fee or penalty received from builders or developers agents or any other stakeholders as per the provisions of Real Estate (Regulation and Development) Act, 2016; and interest earned thereof.
The notification shall be effective subject to the conditions that Haryana Real Estate Regulatory Authority, Panchkula shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; 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 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.
The notification shall be applicable on Haryana Real Estate Regulatory Authority, Panchkula for the Financial Year 2018-2019, 2019-2020, 2020- 2021, 2021-2022 and 2022-2023.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
