I have inherited a part share in the property of my mother who died some years back.
The property has now been sold and I have received the share of the proceeds from the executors of the will.
I am one of the inheritors along with my brother and sisters.
The executors of the will have given me my share deducting 20% of the proceeds as hold back to pay for the capital gains tax.
On receiving the money I immediately bought another flat in Mumbai of the same value of my inheritance.
I also own one more flat in Mumbai in my name, which I am occupying.
Now the question is that I require a letter from my I.T.officer that I am not liable to any capital gains tax and only then the executors of the will will release my balance money, which they held back.
We need an opinion on whether I require to pay any capital gains tax or not and what is the procedure for me to apply to get this certificate from my I.T. officer.
Are they any case laws in a similar case that I can follow?.
