Exemption from specified income U/s 10(46) of IT Act 1961 – ‘Real Estate Regulatory Authority, New Delhi’ - 109/2024 - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 109/2024 New Delhi, the 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. [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