The Ministry of Finance has issued Notification No. 16/2025 dated February 12, 2025, announcing income tax exemption for the Real Estate Regulatory Authority, Punjab (PAN: AAAJR1281N) under Section 10(46A)(b) of the Income-tax Act, 1961.
As per the notification, the Central Government has officially recognized the authority under the Real Estate (Regulation and Development) Act, 2016 (RERA) for tax exemption purposes. The exemption will be applicable from the assessment year 2024-25, provided that the authority continues to function under RERA 2016 and pursues one or more of the objectives specified under Section 10(46A)(a) of the Income-tax Act.
The notification was issued by Ashwani Kumar, Under Secretary, Department of Revenue, Central Board of Direct Taxes (CBDT).
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The Real Estate Regulatory Authority ( RERA ), Punjab was established on August 10, 2017, following the implementation of the Real Estate (Regulation and Development) Act, 2016. The Act, enforced in phases from May 1, 2016, to May 1, 2017, requires all states to set up a regulatory authority for the real estate sector. Punjab notified its rules on June 8, 2017.
RERA Punjab aims to regulate and promote the real estate sector, ensuring transparency, efficiency, and consumer protection. It facilitates fair property transactions, online project and agent registration, and speedy dispute resolution. The authority also maintains a public database of registered projects and agents. Committed to balanced development, RERA Punjab operates within legal frameworks while providing a trustworthy and transparent real estate environment.
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