Calculation of Long term capital gain on ancestral property

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  1. Deep0209

    Deep0209 New Member

    My father bought a residential plot in may,1995 for 1,40,000. The plot was inherited to me, my mom, sister and my grand mother after his death. We sold the property for 11,60,000 in march,2016. Can anyone guide me on how to calculate LTCG on this and do I need to declare the same in ITR? If yes, How much amount I need to declare and how can I save tax on it?
     
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