CBDTNotificationNotification No. 76/202301 Sept 2023

Exemption for Specified Income of Real Estate Regulatory Authorities

Who: Chhatisgarh Real Estate Regulatory Authority +3 more
Action: 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.

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What changed

The Central Government notifies Real Estate Regulatory Authorities as a class of authority under clause (46) of section 10 of the Income-tax Act, 1961. This notification applies to specified income consisting of government grants or loans, fees or penalties from stakeholders, and interest earned on them. The authority must not engage in any commercial activity. The activities and nature of specified income must remain unchanged throughout the financial years. The authority must file a return of income under section 139 of the Income-tax Act, 1961. This notification applies to the financial year 2022-2023 relevant to assessment year 2023-2024.

What you must do

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.

Key dates

Financial year 2022-2023: Not dated

Law this touches

Who is affected

Chhatisgarh Real Estate Regulatory Authority
Uttarakhand Real Estate Regulatory Authority
Madhya Pradesh Real Estate Regulatory Authority
Real Estate Regulatory Authority, Punjab

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Document text

Prepared for reading; wording retained from the source.

Official source

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 1st September, 2023

S.O. 3865(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 Authorities’ 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 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;
(c) Interest earned on (a) & (b) above.

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.

This notification shall be deemed to be applied with respect to the financial year 2022-2023 relevant to assessment year 2023-2024.

[भागII—खण् ड 3(ii)] भारत का रािपत्र : असाधारण

[Notification No. 76 /2023, F.No.300196/19/2022-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.

Source details

Official title: notification no. 76/2023 f.no.300196/19/2022 ita i / so 3865 e
Source: Central Board of Direct Taxes / Income Tax Department
Type: notification
Published by source: 01 Sept 2023
Document number: Notification No. 76/2023
Issuing division: Central Board of Direct Taxes
Coverage area: direct-tax

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Exemption for Specified Income of Real Estate Regulatory Authorities

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