• Fri. Nov 22nd, 2024

Notification No.86, ‘Real Estate Regulatory Authority’

New Delhi, the 4th August, 2021

S.O. 3139(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;and

(c) Interest earned on (a) and (b) above

2. This notification shall be effective subject to the conditions that Real Estate Regulatory Authority, Himachal
Pradesh, Shimla-

(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 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.

To Read More….
Click the link below…..

https://www.dropbox.com/s/o0id5e6sioywp4x/notification_86_2021.pdf?dl=0

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