CBDT vide Notification No. 35/2022 dated 20.04.2022 in S.O. 1881(E) notified ‘Gujarat Real Estate Regulatory Authority’, having PAN AAAGG1260R, an Authority constituted by the State Government of Gujarat for income-tax exemption under section 10(46) of the Income-tax Act, 1961.
As per the notification, the following incomes of the regulatory commission shall be exempt from income tax:
(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; and
(c) Interest earned on (a) & (b) above.
The above-mentioned income shall be exempt from income tax if the Authority shall not engage in any commercial activity and that activities and the nature of the specified income shall remain unchanged throughout the financial years.
In order to claim exemption, the Authority shall file a return of income in accordance with the provision of section 139(4C)(g).
Read the full text of Notification No. 35/2022 dated 20.04.2022 on income-tax exemption to Gujarat Real Estate Regulatory Authority
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th April, 2022
S.O. 1881(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, ‘Gujarat Real Estate Regulatory Authority’ (PAN AAAGG1260R), an Authority constituted by the State Government of Gujarat, 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; and
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Gujarat 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.
3. This notification shall be applicable for the financial years 2022-2023, 2023-2024, 2024-2025, 2025-2026 and 2026-2027.
[Notification No. 35/2022/F. No. 300196/7/2022-ITA-I]
SOURABH JAIN, Under Secy.
Download CBDT Notification No. 35/2022 dated 20.04.2022 on income-tax exemption to Gujarat Real Estate Regulatory Authority in pdf format
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