Following are Legal Compliance for Real Estate Agent

1. Shop Act Registration
2. Professional Tax Registration
3. GST Registration
4. Rera Agent Registration
5. Income Tax Return filing
6. GST Return Filing

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Shop Act Registration for  Real Estate Rera Agent

Shop Act registration is governed by state government. Under Shop Act Shop” means any premises where goods are sold, either by retail, wholesale or where services are rendered to customers. As agent rendering services need to take Shop Act registration. Recently with technology government has made process of Shop Act registration for Real estate agent simple. Shop Act for real estate agent can be taken on residential premises also.

 List of documents for Shop Act for Real Estate Agent

1. PAN
2. Adhar Card
3. Passport size photo
4. Business address proof ( Light Bill )
5. Name of Proposed business

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Income Tax ITR Filing for Real Estate Rera Agent

Income tax filing is mode where person declares income earned during year and tax paid if any. Provision of income tax Filing is mandatory where Real Estate agent who has a total income that exceeds the exemption limit is liable to file Income Tax return. Agent filing return with in due date can revise return if needed. Under section 234 F of Income Tax Act 1961 for non filing of ITR penalty upto Rs. 10000/- is applicable.

• For Individual ( Non Tax Audit ) ITR Filing Due Date 31 July
• For Non ITR filing penalty upto Rs.10000/- applicable
• ITR Revision allowed if original return filed in due date

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GST Registration for Real Estate Rera Agent

Real estate rera agent business income come from commission income on sale of property.  Services provided by agents assistant on sale / Purchase of properties such as

1. Commercial Property
2. Residential Property
3. Plots

On sales/purchases agents earns income by way of commission / brokerage. As agent are engaged in supply of services and shall be liable to do GST Registration for Real estate agent. However GST is mandatory only if his/her turnover crosses Rs. 20 Lac.

For Example : Mr. A is providing services as real estate agent and his turnover for FY 2018-19 from income earned is crossing Rs.20 lac then said persons shall be liable to get GST Registration.

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Professional Tax Registration For Real Estate Rera Agent

Professional Tax registration is governed by state government. In India most of state having there Professional Tax Act for persons doing business in that state. In Maharashtra persons Like Traders, Professional etc. is liable to take registration. Real Estate Rera agent provids professional services for sale / purchase of properties. Hence they Professional Tax Registration For Real Estate Rera Agent is required. Real estate agent need to pay yearly Rs. 2500/- as Profession Tax to Maharashtra state Government.

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TDS On Real Estate Rera Agent Services

TDS stands for Tax Deduction at source. Services provided by Real Estate agent falls under Section 194H of Income Tax Act 1961.  This section is for TDS on any income by way of Brokerage or commission. Recipient of service will deduct TDS and pay balance amount to agent.

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Rate of TDS for Real Estate Rera Agent Services is as under

Particulars	TDS Rate
Real Estate Agent having PAN No.	5%
Real Estate Agent Not having PAN No.	20%

For Example : Mr. A send bill of Rs. 100,000/- to M/s  XYZ Ltd for brokerage. M/s XYZ Ltd shall deduct TDS at 5 % that is Rs. 5000/- and transfer balance amount to Mr. A that is Rs. 95000/-

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Rera Agent Registration

Rera Registration For Real Estate Agent is applicable  where agent dealing in RERA prosperities. Even for dealing in old propertied agent need required Rera Agent registration. Government fees for Individual agent registration is 10690/-. Agent dealing RERA property in Maharashtra required to take registration. Rera agent registration process is complete online and take 7-10 days to obtain certificate. RERA registration will bring accountability between agent and investors.

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Read About RERA Agent Registration

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