I have a doubt regarding gift income u/s 56(2)

I think, not taxable, or exempt u/s. 56(2) of IT act.

It may be declared under schedule 'Exempted Income.

In diya's hand there will be capital gain and cost will be cost of previous owner.Refer sec 49

1. Any property received from a relative will not be subject to tax and at the time of sale of such shares it will be chargeable to tax accordingly  
2. According to sec 56(2), it will not be chargeable to tax in the hands of the transferor. However, on sale of such property, the resultant gain or loss will be chargeable to Long term or short term capital gains considering the holding including the holding period of the previous owner. 
3. Hence, in the above case, shares sold will be taxable in the hands of  Diya and as well as sister Seema. 
Please correct me if the above solution has an alternative view.

Still exempt since it is received by inherited as per sec 56(2)(vii)