{"id":13722,"date":"2020-07-27T15:02:36","date_gmt":"2020-07-27T09:32:36","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=13722"},"modified":"2020-07-27T15:02:39","modified_gmt":"2020-07-27T09:32:39","slug":"cbdt-notifies-income-tax-exemption-in-state-rera-of-goa-and-telangana","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/cbdt-notifies-income-tax-exemption-in-state-rera-of-goa-and-telangana\/","title":{"rendered":"CBDT notifies Income Tax Exemption in State RERA of Goa and Telangana"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Central Board of Direct Taxation in the exercise of the powers conferred under <strong><em>section 10 clause (46) \u00a0of the Income-tax Act<\/em><\/strong>, 1961 (43 of 1961), the Government has been notified for the purposes of the tax exemption in state RERA Real Estate Regulatory Authority as specified in the schedule to this notification. The Government empowered in the exercise of powers conferred under section 20 sub-section (1) of the Real Estate (Regulation &amp; Development) (RERA) Act, 2016, as a \u2018class of Authority\u2019 in respect of the specified income arising to that Authority. The real estate project must have obtained <a href=\"https:\/\/corpbiz.io\/rera-registration\"><strong>RERA registration<\/strong><\/a>.<\/p>\n\n\n\n<p><strong><em>In respect to this notification the following\nspecified income has been exempted:-<\/em><\/strong><\/p>\n\n\n\n<ol><li>Amount received as Grants-in-aid or loan or advance from the Government<\/li><li>Fee and penalty received from developers, builders, agents or any other stakeholders in accordance with the provisions of the <strong><em>RERA Act, 2016<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Real_Estate_(Regulation_and_Development)_Act,_2016\"><strong><em>[1]<\/em><\/strong><\/a><\/sup><\/li><li>Interest earned on both (a) and (b) above.<\/li><\/ol>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/file-a-complaint-in-rera-in-himachal-pradesh\/\">How to file a complaint in RERA in Himachal Pradesh?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conditions of Tax exemption in RERA<\/h2>\n\n\n\n<p><strong><em>The notification must be valid subject to the\nconditions that each of the Real Estate Regulatory Authority must follow, such\nas:<\/em><\/strong><\/p>\n\n\n\n<ul><li>It must not engage in any\ncommercial activity<\/li><li>The activities and the nature\nof the specified income must remain unchanged throughout the financial years<\/li><li>It has to file a return of\nincome in accordance with the provision of <strong><em>clause (g) of section 139 in sub-section\n(4C) <\/em><\/strong>of the Income-tax Act, 1961.<\/li><li>It has to file the Audit report\nalong with the Return, and duly verified by the accountant as provided in\nexplanation of <strong><em>section 288(2)<\/em><\/strong> of the Income-tax Act, 1961, also along with the\ncertificate from a chartered accountant when the above conditions are\nsatisfied. <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Schedule Table<\/h3>\n\n\n\n<p><strong><em>The notification must apply to the Real Estate Regulatory Authority, i.e., to the State of Goa RERA and Telangana RERA. It is mentioned at column (2) in the schedule chart, with respect to the assessment years mentioned below in column (4) <\/em><\/strong><\/p>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <em>&nbsp;<\/em>\n  <strong><em>S.No<\/em><\/strong>\n  <\/td><td>\n  <em>&nbsp;<\/em>\n  <strong><em>Name of the Real Estate Regulatory Authority<\/em><\/strong>\n  <\/td><td>\n  <em>&nbsp;<\/em>\n  <strong><em>PAN<\/em><\/strong>\n  <\/td><td>\n  <em>&nbsp;<\/em>\n  <strong><em>Assessment Years<\/em><\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  1.\n  <\/td><td>\n  &nbsp;\n  Goa Real Estate Regulatory Authority\n  <\/td><td>\n  &nbsp;\n  AAAGG3912L\n  <\/td><td>\n  &nbsp;\n  2019-2020, 2020-2021, 2021-2022,\n  2022-2023, 2023-2024\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  2.\n  <\/td><td>\n  &nbsp;\n  Telangana State Real Estate\n  Regulatory Authority\n  <\/td><td>\n  &nbsp;\n  AAAGT0709A\n  <\/td><td>\n  &nbsp;\n  2019-2020, 2020-2021, 2021-2022,\n  2022-2023, 2023-2024\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>This notification must be effective subject to the conditions that tax exemption in State RERA  given by the Real Estate Regulatory Authority when not engage in any commercial activities. The nature of the specified income shall remain unchanged throughout the financial years. The specified income exempted includes the amount received as Grants-in-aid or loan or advance from Government, and also fee or penalty received. We at <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> acknowledge our clients and helps in providing RERA registration. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/unfair-practice-in-rera-misleading-real-estate-advertisements\/\">Unfair practice in RERA: Misleading Real Estate Advertisements<\/a><\/mark><\/p>\n\n\n<a href=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/notification_47_2020.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">notification_47_2020<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Board of Direct Taxation in the exercise of the powers conferred under section 10 clause (46) \u00a0of the Income-tax Act, 1961 (43 of 1961), the Government has been notified for the purposes of the tax exemption in state RERA Real Estate Regulatory Authority as specified in the schedule to this notification. The Government empowered [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":13724,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153,182],"tags":[803],"acf":{"service_id":"431"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":3130,"readingTime":2,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13722"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=13722"}],"version-history":[{"count":14,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13722\/revisions"}],"predecessor-version":[{"id":13740,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13722\/revisions\/13740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/13724"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=13722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=13722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=13722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}