Notification no. 109/2024 dated 11.10.2024- Income tax

Central Board of Direct Taxes (CBDT) issued Notification No. 109 /2024/F. No. 300196/57/2018-ITA-I VIKAS SINGH, Director ITA-I dated 11.10.2024

The Central Government notifies ‘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) for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board 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.

Explanatory Memorandum
It is certified that no person is being adversely affected by giving retrospective effect to this notification.