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