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Ans: Yes, you can claim a refund of TDS done at the time of sale of property. The procedure to claim a refund is as follows:
• PAN Card of both transferor & transferee is required.
• Transferee/purchaser needs to register himself/herself in TRACES with PAN.
• On deduction of tax u/s 194IA, the deductor needs to generate 26QB online.
• Tax payment needs to be made online within due date.
• On payment of tax, 26QB needs to be filled within due date.
• On successful filling of 26QB, TDS certificate in F16B can be generated online and needs to be issued to the deductee within due dates.
• In case of any alteration, Form 26QB can be altered online at TRACES.

For the above, you require the following information:-
1. PAN of the seller
2. PAN of the buyer
3. Date of payment
4. Amount of payment
5. TDS deducted

After completion of all the above steps, the system will show a tax credit in 26AS of the deductee. The Income Tax Department will process your refund request. Once the Income Tax Department has processed your refund request, the refund will be credited to your bank account within a few weeks.

Ans: The TDS (Tax Deducted at Source) of 1% on the sale of property exceeding Rs 50 lakhs is applicable on the full sale consideration. In your case, since the total sale consideration was Rs 5,973,000, the TDS of Rs 59,730 was deducted as per the guidelines. Based on the information you've provided, you might be liable for Capital Gains Tax. Capital Gains Tax is calculated based on the difference between the selling price and the indexed purchase price. The indexed purchase price adjusts the original purchase price for inflation over the holding period.
The tax on long-term capital gains is usually 20% (plus applicable surcharge and cess) after considering any exemptions or deductions available under Section 54 or Section 54F if you are not investing in another property or capital gains bonds.

To close the transaction and fulfill your tax obligations, you should consider the following steps:

a. Calculate Capital Gains: As explained above, calculate the capital gains based on the indexed purchase price and selling price.

b. Pay Capital Gains Tax: If you decide not to invest in another property or capital gains bonds, you will need to pay the applicable capital gains tax. You can do this by filling out the appropriate sections in your income tax return and paying the tax amount.

c. File Income Tax Return: Ensure that you accurately report the capital gains in your income tax return for the assessment year.

d. Keep Documentation: Maintain all relevant documents related to the property sale, purchase, and tax calculations for future reference

Ans: Hello Siddramppa, thank you for writing to me. I would recommend you to continue with your SIP's in a disciplined and regular manner.