U/s 10(46) of the Income-tax Act, 1961 Central Government notifies ‘Gujarat Real Estate Regulatory Authority’, Gandhinagar, a body constituted by the Government of Gujarat, in respect of the specified income arising to that body - 71/2018 - Income Tax

Superseded vide NOTIFICATION NO. 7/2019 dated 30-01-2019 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 71/2018 New Delhi, the 22nd October, 2018 S.O. 5368(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, Gujarat Real Estate Regulatory Authority , Gandhinagar, a body constituted by the Government of Gujarat, in respect of the following specified income arising to that body, namely:- (a) Grants and loans received from the State Government; (b) All fees received under the Real Estate (Regulation and Development) Act, 2016 and the Gujarat Real Estate (Regulation and Development) (General) Rules, 2017; (c) Sums realized by way of penalties under sub-section (2) of the section 76 of the Real Estate (Regulation and Development) Act, 2016; and (d) Interest accrued on (a) to (c) above. 2. This notification shall be effective subject to the conditions that Gujarat Real Estate Regulatory Authority, Gandhinagar,- (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 apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024. [F.No. 300196/44/2018-ITA-I] VINAY SHEEL GAUTAM, Under Secy.