receipt of amount after sales of gold,silver of deceased sister

It depends on the amount received and can be invested in approved securities where exemption is valid and interest is not exempted.  Contact a tax consultant for detailed guidance and follow prescribed laid down procedures to claim exemption.

Dear Querist,

The calculation of LTCG can be done by subtracting the original purchase price or fair market value of gold on 1 April 2001, whichever is higher, from the selling price. 

The resultant capital gain will be taxed at 20.6%. Effective 1 April 2019, under Section 54EC of the Income tax Act, one can invest only LTCG from land and building in specified bonds. Your asset type is gold, therefore it is not eligible for investment in this section. However, you can invest the sale proceeds in a residential property and save this tax, provided all the other conditions of Section 54F of the Act are adhered to.

Regards,

Palak