Relinquishment deed

Indexed cost of aquisition about 3 lakhs, LTCG around 17 lakhs, less any sell expenses.

Roughly 3.5 lakhs LTCG tax liability. It will be same either on yourself or distributed over five.

Sorry to digress from your question, but I hope you have got the relinquishment deed registered - it is a requirement of Transfer of Property Act. 

In my opinion, if others have relinquished their right in your favour, any liability of capital gain on sale of that property will be on you and you cannot claim from other members. 

Thanx a lot sir for your valuable advice..

Thanx a lot Sir for your valuable advice..

The property has been relinquised in favour of your good self which have been executed by your siblings. I assume the property has been transferred to your name alone after submitting the relinquished deed. Therefore the sale proceed as well as tax liability if any shall be in your hands alone.

My father expired 2yrs back. He bought plot in 1974 for Rs 10,000 in delhi. He took loan of X amount in 1982, for which we have no papers, to build house on it. I got 20Lakh from my siblings for signing Relinquish Deed on the property NOW. But R Deed says, I relinquished out of affection to my siblings. n got cheque of Rs 20 Lakhs..How much tax liablity in my ITR as I am in Job. Do I have to buy property only ? if yes, for how much amount? How much LTCG? if I deposit in LTCG account in bank, I much I should put in it? If after putting the money in LTCG, can i keep the money in bank only without buying property?

If the amount of 20 lakhs is mentioned in the deed for the relinquishing your rights in the property, it will be transfer and long term capital gain attract.

For determination of capital gains & LTCG tax, you need to know the value of the property as on 01.04.2001 & your share in the property.

In case, you wish to save that, you must purchase/construct a house property worth 20 lakhs any where in India (subject to fulfillment of sec. 54F compliance)