Capital gain

Is it a personal asset i.e used for personal purpose like jewellery, wearings etc. ?

Capital asset does includes jewellery as told by Sir Ankur Gupta.

Capital gain shall arise but exemption may be claimed u/s 54F [buying house property] or 54EC [bonds]. Go through the conditions of these provisions.

For claiming exemption u/s 54F , entire net proceeds need to be invested and not merely the capital gain. Whereas u/s 54EC , capital gain is to be invested

I Would like to know how have you computed the value of Indexed cost of acqusition of the ansectral jewelley(Gold/silver).

I too agree with Ankur bcoz gold/silver from ancestors is treated as jewellery which is a capital asset and gain from sale of such asset is taxable. If such jewellery is held for >36 months, it is a long term capital asset, in which case u can claim exemption u/s 54F (flat) or 54EC (bonds) subject to certain conditions.

Amount of exemption u/s 54F: investment in new asset/net sale consideration x capital gain

Amount of exemption u/s 54EC: Investment in the new asset or CG, whichever is lower.

https://www.charteredclub.com/section-54/