TDS u/s 194IA - on sale of House Property

Rajib Saha (Accounts Officer) (239 Points)

07 November 2020  

Dear Sir(s)/ Madam (s)

One of my relative sold a property at Rs. 55.00 lakh on which the buyer has deducted TDS u/s 194IA of Rs. 55,000/-. Entire Capital Gain of Rs. 40.00 Lakh ( calculated) has been kept in Capital Gains Account Scheme 1988. Hence, no capital Gain tax payable for the AY 2020-21. Can he get refund of Rs. 55,000/-, as he has no tax liability for the year?