The Central Board of Direct Taxes (CBDT) on Monday notified income tax exemption to the Goa Real Estate Regulatory Authority (RERA) and Telangana State Real Estate Regulatory Authority.
The Central Government notified the ‘Real Estate Regulatory Authority’ for the state of Goa and Telangana, constituted by Government empowered under Section 20(1) of the Real Estate (Regulation and Development) Act, 2016 as a ‘class of Authority’ in respect of the specified income arising to that Authority.
The specified income includes the amount received as Grants-in-aid or loan or advance from Government; 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 the interest earned.
This notification shall be effective subject to the conditions that each of the Real Estate Regulatory Authority shall not engage in any commercial activity; activities and the nature of the specified income shall remain unchanged throughout the financial years; and shall file a return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.
Firstly, the notification shall apply on Goa Real Estate Regulatory Authority with the PAN AAAGG3912L for the financial years 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024.
Secondly, the notification shall apply to Telangana State Real Estate Regulatory Authority with the PAN AAAGT0709A for the financial years 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024.To Read the full text of the Notification CLICK HERE