Selling property acquired through legal hiership certif

The cost of acquisition of the property for your mother shall be the cost of acquisition for the previous owner (aunt). Long term capital gain earned after computation can be invested in another property within 2 years or in bonds within 6 months. She will have to file her IT returns before due date to show this transaction. 

Originally posted by : Mihir
	The cost of acquisition of the property for your mother shall be the cost of acquisition for the previous owner (aunt). Long term capital gain earned after computation can be invested in another property within 2 years or in bonds within 6 months. She will have to file her IT returns before due date to show this transaction.

Thank you very much for your advice, but a CA has a different opinion, I was told that selling an INHERITED property does not attract any tax whatsoever and that the proceeds are completely free and can be deposited in bank FD's or other alternate investment options. Now, that I have 2 contrary views I am completely confused.

After the demise of aunt, the property was transferred to your mother through succession certificate. This transfer will not be taxed in any way. But when your mother, as the owner of this property, will sell this same property, she will be taxed. I don't know what that CA has understood. Wait for more replies

Originally posted by : Mihir
	After the demise of aunt, the property was transferred to your mother through succession certificate. This transfer will not be taxed in any way. But when your mother, as the owner of this property, will sell this same property, she will be taxed. I don't know what that CA has understood. Wait for more replies

Ok, Thank you once again for your time and patience.