RERA Impact: Now, property dealers have to submit ITR of last 3 years to state authority
Now, property dealers will have to compulsorily submit income tax return (ITR) of last three years to the state Real Estate Regulatory Authority (RERA) failing which they will have to submit their declarations citing reason for non-submission of ITR.
Highlights:
1. Property dealers have to submit income tax return (ITR) of last three years to state RERA authority
2. In case of failure of submission of ITR, property dealers have to submit their declarations to the authority
3. They will have to provide business details of last five years to RERA authority
Now, property dealers have to submit their Income Tax Return (ITR) of last three years to the government after the implementation of the Real Estate Act 2016, Zee Business reported.
The Government of India implemented the Real Estate Regulations and Development Act (RERA) nationwide on May 1 this year.
The RERA Act is aimed at addressing the grievances of property buyers who at times are cheated by developers on delay in delivery of under-construction properties, execution of said project plans, legitimacy of properties, etc., and is being touted as pro-consumer law, Zeebiz.com reported on May 9.
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