Capital gain on sale of ancestral property

Yes, taxable.                              

When you get ancestral property it is tax exempt, but when you sell it, it is taxable.

You are welcome.              

Get the circle rate of the property as on 01.04.2001, from sub-registrar office. Take it as the cost of acquisition, index it to current year that would be indexed cost of the property. Reduce the amount from the sale amount to get long term capital gain.

My Pleasure.