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?
CAclubindia
