Income from share of property sale by mothers Mother propery

You shall have to find out the fair market value at 1st April 1981 by a certified valuer for that property.

Sale Consideration/stamp value whichever is   more                                                  ...........

Less:-

Indexed cost of (fair market value as on 1981)(in your case)  ................

Indexed cost if improvement/development in property            ...............

selling exp(if any)                                                                         ............              ...........................

Long Term capital gain                                                                                         .......................

Exemption can be claimed u/s 54/54F/54EC/54B up to the amount of investment is made in 54 EC Bonds/residential house/agri land etc sub. to some conditions.

Remember only part of your share has to be calculated.

If you do not consider indexation then the tax rate will be 10% otherwise 20%(exclusive of surcharge and cess).Further basic exemption limit will also be available.