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The Central Government has notified thatReal Estate Agents will be referred to as persons carrying on designated businesses or professions. Read the official announcement below: MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th December, 2020 G.S.R. 798(E).In exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby rescinds the
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FAQ :
Real Estate Agents are now officially referred to as 'persons carrying on designated businesses or professions'.
This notification is under the Prevention of Money-laundering Act, 2002.
They must be engaged in providing services in relation to the sale or purchase of real estate.
Yes, real estate agents must have an annual turnover of Rupees twenty lakhs or above to be classified under this designation.
Yes, this notification rescinds a previous notification from November 15, 2017.
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