NOTIFICATION NO. 71/2018

New Delhi, the 22nd October, 2018

S.O. 5368(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, ‘Gujarat Real Estate Regulatory Authority’, Gandhinagar, a body constituted by the Government of Gujarat, in respect of the following specified income arising to that body, namely:-

(a) Grants and loans received from the State Government;

(b) All fees received under the Real Estate (Regulation and Development) Act, 2016 and the Gujarat Real Estate (Regulation and Development) (General) Rules, 2017;

(c) Sums realized by way of penalties under sub-section (2) of the section 76 of the Real Estate (Regulation and Development) Act, 2016; and

(d) Interest accrued on (a) to (c) above.

2. This notification shall be effective subject to the conditions that Gujarat Real Estate Regulatory Authority, Gandhinagar,-

(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 apply with respect to the assessment years 2019-2020, 2020-2021, 2021-2022, 2022-2023 and 2023-2024.

[F.No. 300196/44/2018-ITA-I]

VINAY SHEEL GAUTAM, Under Secy.