Capital Gain on Ancestral Property

The real issue is who is the owner of land or who inherited after death of father................the capital gains is levied on the owner of prperty on the transfer of such property.

one does not become liable ot capital gains tax merely because he has received part of consideration , even if he is  not the owner of the property transfered

Please advice me the Long Term capital gain Tax applicable on sale of an ancestral property. Does it also have an exemption as in equity shares ? if not at what rate will the LTCG be applicable in my case . Asst year 2009-2010 ie. for accounting year 2008-2009.

LTCG will be taxable @ 20% . . . . . . . .