Notification No. 47/2020 [F.No.300196/13/2019-ITA-I] / SO 2327(E)

Last updated: 16 July 2020

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This notification from the Ministry of Finance grants a specific tax exemption to Real Estate Regulatory Authorities (RERAs). It clarifies that certain incomes, including government grants/loans, fees/penalties, and interest earned on these, are exempt under Section 10(46) of the Income-tax Act. However, RERAs must adhere to strict conditions, such as not engaging in commercial activities and filing income tax returns and audit reports.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 13th July, 2020 S.O. 2327(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.

The notification covers amounts received as Grants-in-aid or loan/advance from Government, fee/penalty received from builders/developers/agents/stakeholders, and interest earned on these incomes.

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.

No, it applies specifically to the specified income types mentioned in the notification, such as grants, fees, penalties, and interest earned on them.

The exemption is provided under clause (46) of section 10 of the Income-tax Act, 1961.