My wife jointly inherited her later father's house along with her mother and sister.
When the property was sold, the sale proceeds were paid into a joint account in name of all the 3, but the primary applicant is my wife.
The whole amount was then transferred to their mother's account as she is now a single widow without any other livelihood.
Please clarify -
1. Does my wife need to show the capital gains and pay tax on it?
2. Can a registered affidavit from her mother that she is in possession of the full sale proceeds and that she will take care of tax obligation suffice to prove in case of a tax notice in future?