Income Tax Notification No. 109/2024 Dated: 11th October, 2024 under section 10(46) of the Income Tax Act, 1961 in the case of Real Estate Regulatory Authority, New Delhi
The Ministry of Finance issued Notification No. 109/2024 on October 11, 2024, under Section 10(46) of the Income Tax Act, 1961, granting tax exemptions to the Real Estate Regulatory Authority (RERA), New Delhi. This notification applies to income arising from grants, loans, or advances received from the government, fees and penalties collected from builders, developers, agents, and other stakeholders, and interest earned on such amounts. The tax exemption applies for financial years 2018-2019 to 2022-2023, corresponding to assessment years 2019-2020 to 2023-2024.
The exemption is subject to conditions, including that RERA, New Delhi must not engage in any commercial activities, its income sources should remain unchanged, and it must file income returns as required under Section 139(4C)(g) of the Income Tax Act. The notification ensures that the tax benefits do not adversely affect any stakeholders, as confirmed in the explanatory memorandum.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 109/2024 – Income Tax | Dated: 11th October, 2024
S.O. 4400(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 Authority, New Delhi (PAN AAALR1691Q)’ an Authority constituted under sub-section (1) of Section 20 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), 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 the ‘Real Estate Regulatory Authority, New Delhi –
(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 2018-2019 to 2022-2023 relevant to assessment years 2019-2020 to 2023-2024 respectively.
[Notification No. 109 /2024/F. No. 300196/57/2018-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.
