Doubts on 10(13a) and cgas

1. yes, But Landlord's Pan compulsory if rent paid exceeds Rs. 100000/-.
2. If sale took place in 2018, then you can deposit to CGAS till 31.07.2019.
Money can be retained upto 2 year in case of purchase and 3 year in case of construction.
100% amount must be used to purchase a new property. Any utilised amount will be taxable as capital gain.

1. yes... you can avail
2. if the transfer took place on or before 31/03/2018 then amount to be deposited on or before 31/07/2018 (as of now 31/07/2018) if after 31/03/2018 then by 31/7/2019
in your case compute capital gain and it's enough to deposit capital gain in cgas account and not fully the entire sale proceeds

Now I get that as the transfer took place by 09/07/2018 only for the sale, so it can be hold on oridinary savings account till 31/07/2019 and then deposit in CGAS.

Few more queries:

1.  Can he utilize the money for his own use and later arrange the same money and deposit it in CGAS on or before 31/07/2019?

2.  Once after opening CGAS on or before 31/07/2019,  how long can he retain the amount in the account to purchase new property?  Till 2020 or 2021.  And is it possible to extend this?

Thanks

 

 

 

 

 

 

 

 

1. yes
2. 3 years

Thanks, now I got clear about CGAS.

 

Regarding HRA:

Another doubt, my company provide HRA benefit for their employees. But since I do not get rental agreement from my PG, during declaration I have mentioned HRA = 0 utilization only.  So for all the months in FY 2017-2018, the HRA = 0 only (this HRA component not coming in payslip , but shown in kitty as HRA=0).
In this case, can I get tax exemption under section 10 (13A) or at least in Sec 80GG (but I have a my own house in hometown where my family resides and it is on loan paying interest)?

Request for clarification.

Thanks

 

no you cannot claim deduction under 80GG since you are in receipt of HRA. instead find eligible deduction under 10(13A) and claim the same in your ITR

Computation of HRA:
A deduction from HRA is allowed under section 10(13A), which is least of the following: –
    Actual HRA received  = 0 (since I declared so in company)
    40% of salary (50% of the salary if metro city) = AMOUNT-X
    Actual rent paid less 10% of salary = AMOUNT-Y

As per Sec 10 (13A) rule, the least is 0 (ie actual HRA received).
So can I get tax exemption under Sec 10 (13A) for the amount 35,000 as I have rent receipts?

Thanks

 

Could somebody please answer my above query?

Thanks