Can I Get a TDS Refund? Canadian Citizen Sold a Flat and Paid 23.92% TDS

Ans: To save tax, you need to invest at least Capital Gain part of the transaction, in :
(a). Purchase of a Residential Property, with in time limit of one year before or two years after the sale of property generating Capital Gain.
(b). Purchase Capital Gain Bonds, issued by NHAI etc.
(c). You may spend Rs.60 lakhs (Rs.90.00 - 30.00 lakhs), as per your choice.
(d). In your question, last option suggested by you seems to be a good choice, which will ensure increase in your monthly income and also take care of Capital appreciation (provided the property is residential).
Most welcome for any further clarifications. Thanks.

Ans: When selling a flat for Rs 60 lakhs, the capital gains tax you will owe depends on how long you held the property. If less than 2 years, the profit will be taxed as short-term capital gains(LTCG) at your applicable income tax slab rate
If you held the property for more than 2 years, the profit is taxed as long-term capital gains at 20% with indexation benefits. Indexation adjusts the purchase price for inflation, which helps reduce the taxable amount.
for Example Let's say you bought the flat 10 years ago for Rs 30 lakhs. After applying indexation, your adjusted cost might be around Rs 45 lakhs (rough estimate). Your capital gains would be: 60L (sale price) - 45L (indexed cost) = 15L.The LTCG tax would be 20%(your income tax rate of Rs 15 lakhs, which is Rs 3 lakhs.
Now let’s see How to Save on Capital Gains Tax? You can save tax on long-term capital gains by investing in Section 54EC Bonds. The Bonds You Can Invest In are REC (Rural Electrification Corporation) Bonds/NHAI (National Highways Authority of India) Bonds, PFC (Power Finance Corporation) Bonds
The Key Features of Section 54EC Bonds are Maximum Investment: You can invest up to Rs 50 lakhs in these bonds within 6 months of selling the property. Lock-in Period: The lock-in period for these bonds is 5 years. Interest Rate: The current interest rate is around 5-5.25% per annum, but this can vary depending on market conditions.
Best regards,
Nitin Narkhede
Founder & MD, Prosperity Lifestyle Hub https://Nitinnarkhede.com
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Ans: Yes you can claim refund of TDS as you are required to show gain amount and CGAS amount in ITR.

If you fail to purchase the property, you will be required to pay tax in the year of expiry of period allowed for purchase/construction