Refund of 1% tds while selling 15 year old residential plot

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I am in 30% tax IT slab and I am selling a residential plot at price of  Rs 60 lac.

Now as per rules while selling a residential plot costing more than Rs 50 lac, one has to pay 1% TDS. So if I sell a residential plot costing Rs 60 Lac, I will have to pay a TDS of Rs 60,000 during selling/registration.

My residential plot is 15 years old and my question is -- will I get refund of this Rs 60,000 which I paid as TDS if I buy long term capital gain tax bond (section 54EC) of the entire long term gain (60Lac - indexed purchase price of plot), considering the fact that I am in top income tax slab.

Please answer in simpler language, if possible.
My question is while filing return

 

Replies (1)
Yes you will get the refund provided you invest the Capital Gain & file the IT return

Note: u/s 54EC maximum deduction allowed is 50L


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