Quick Summary
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 86/2021-Income Tax New Delhi, the 4th August, 2021 S.O. 3139(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 as specified in the schedule to this notification, constituted by Government in exercise of powers conferred under
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
This notification grants an income tax exemption to the Real Estate Regulatory Authority, Himachal Pradesh, Shimla, for specific types of income.
The exemption covers amounts received as grants-in-aid or loans/advances from the Government, fees/penalties from builders/developers/agents/stakeholders, and interest earned on these.
The Authority must not engage in commercial activity, its activities and income nature must remain unchanged, and it must file income tax returns and audit reports as per the Income-tax Act.
This notification applies to the assessment years 2020-2021, 2021-2022, 2022-2023, 2023-2024, and 2024-2025.
The notification was issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes.
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Source : https://www.incometaxindia.gov.in/communications/notification/notification_86_2021.pdf