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NOTIFICATION NO.36

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 25th June, 2020

S.O. 2042(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 subsection
(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 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;
(c) Interest earned on (a) & (b) above.

  1. This notification shall be effective subject to the conditions that each of the Real Estate Regulatory Authority –
    (a) shall not engage in any commercial activity;
    (b) activities and the nature of the specified income shall remain unchanged throughout the financial years;
    (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; and
    (d) shall file the audit report along with 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.
  1. 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.

SCHEDULE

Sl.No.
(1)
Name of the Real Estate Regulatory Authority
(2)
PAN
(3)
Assessment Years
1Real Estate Regulatory Authority, KarnatakaAAAGR0572D2019-2020, 2020-2021,
2021-2022, 2022-2023 and
2023-2024
2Andhra Pradesh Real Estate Regulatory
Authority
AAAGA0918E2019-2020, 2020-2021,
2021-2022, 2022-2023 and
2023-2024

GULZAR AHMAD WANI, Under Secy.


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