Is the Self Assessment Tax Paid against Sale of Immovable property is refundable?
How to reflect the TDS (1%) that deposited by the buyer? is that TDS is refundable?
When a property is sold, TDS is deducted by the buyer at 1% of the total sale price. This TDS is deposited with the government by the buyer. The seller is allowed to take credit of TDS in his income tax return filed for that year. But if the seller wants to invest his gains in another asset, his gains will be exempt from tax and TDS will be refunded.
If your Buyer deposited that tax, than your can check that in your 26AS online.
You can claim TDS deducted in you Income tax return.
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