Hello,
I have few queries regarding tax as follows.
#1. My family stays in my own house in different city and I am working in a metro city by staying in PG. As I do not have rental agreement, I could not utilize HRA component in my company. So with the available rent receipts, am I eligible for tax exemption under sec 10(13A)?
#2. One of my friend had sold his house by July 9th and intended to buy a new house with the attained money in near future (in one year). So he planned to deposit the money in Capital Gain Savings Account (CGAS) to avoid tax. Presently the money is deposited in ordinary savings account. My queries on this are as follows
- Within which date the CGAS account to be opened for this and deposited the money? ie. 31/07/2018 or 31/07/2019?
- How long the money can be retained in CGAS to buy the new property?
- Once deposited whole money in CGAS with intention to buy new property, later should the 100% of this money ONLY to be utilized for the same purpose or is it possible like spending 80% for new property purchase and remaining 20% allocate for personal use by paying tax for this?
Please clarify my doubts.
Thank you
CAclubindia
