Dear Sir
The transaction will be considered as Short Term Capital Gain (Loss) since the property was acquired and sold within 36 months.
Since the value of transaction exceeds RS. 15 Lakhs, the PAN of the Buyer/Seller would have been reported in the AIR by the Registering Authority.
In view of the above, and to avoid any notices from IT Department, it is advisable to file the return of Income by your mother.
Since the sources for the purchases are available and the purchase and sale prices are the same, there would not be any tax liability on the same.
Please ensure that at the time of purchase as well as sales, the value registered is not less than the value adopted for stamp duty payment purposes.
Thanks & regards
- CA B S Sridhar
Chennai