Notification No. 36/2020 [F.No. 300196/38/2017-ITA-I] / SO 2042(E)

Last updated: 28 June 2020

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This notification from the Ministry of Finance grants an income tax exemption to Real Estate Regulatory Authorities. It specifies that certain incomes, including grants-in-aid, loans, fees, penalties, and interest earned on these, are exempt. However, this exemption is subject to several conditions, such as the authority not engaging in commercial activities and fulfilling specific filing requirements for income tax returns and audit reports.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th June, 2020 S.O. 2042(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 t

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FAQ :

The notification notifies 'Real Estate Regulatory Authority' as a 'class of Authority' for the purpose of exemption under clause (46) of section 10 of the Income-tax Act, 1961, regarding specified incomes.

The notification covers amounts received as Grant-in-aid or loan/advance from Government, fees/penalties received from builders/developers, agents or other stakeholders, and interest earned on these amounts.

The conditions include not engaging in commercial activity, maintaining unchanged activities and income nature, filing income tax returns as per Section 139(4C)(g), and filing an audit report with a chartered accountant's certificate confirming compliance.

The notification specifies that it shall be effective subject to the stated conditions.

No, it applies only to the specified incomes mentioned in the notification, such as grants, loans, fees, penalties, and interest earned on these.