INCOME TAX NOTIFICATION NO.47
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
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 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 sub-section (1) of section 20 of the Real Estate (Regulation and
Development) Act, 2016 (16 of 2016) as a ‘class of Authority’ in respect of the following specified income
arising to that Authority, namely:-
(a) Amount received as Grants-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;
(c) Interest earned on (a) and (b) above.
- This notification shall be effective subject to the conditions that each of the Real Estate Regulatory
(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.
(d) shall file the Audit report along with the Return, duly verified by the accountant as
provided in explanation to section 288(2) of the Income-tax Act, 1961 along with a
certificate from the chartered accountant that the above conditions are satisfied.
- This notification shall apply to the Real Estate Regulatory Authority, mentioned at column (2)
below, with respect to the assessment years mentioned in column (4) below.