Inheriting an apartment in Mumbai: Selling it as an NRI sister and brother - Tax implications?

I and my wife co own a flat from 1994 in Mumbai. Now we want to sell it and reinvest in a residential house . Do we have to pay income tax on the amount we receive and how much will it be

Me & my father bought one flat @INR 50 lacs in 2012. Later in the year 2021 the same flat has been transferred to me by father. Now, I am in the process of selling this flat @INR65 lacs (approx.). Is there any tax applicable on this? Please suggest.

Hello Mihir, Hope this mail finds you welI ! I purchased a flat jointly with my father in 2008 for 14 lacs. I am the first owner. My father passed away in 2014. Now I want to sell this flat for approx. 40 lacs. I have below queries : 1) I have 1 brother & my mother, will I have to do some legal documentation to transfer their rights to my name ? What is this process & how much time & money it takes ? 2) Will it be advisable to sell the flat by transferring full share in my mother’s name ( Sr. Citizen) to save tax ? 3) How much will be tax in my mother’s case and also if I sell the flat in my name ? 4) How can we save the taxes ? Thank you in advance

Hello Sir, Hope this mail finds you welI ! I purchased a flat jointly with my father in 2008 for 14 lacs. I am the first owner. My father passed away in 2014. Now I want to sell this flat for approx. 40 lacs. I have below queries : 1) I have 1 brother & my mother, will I have to do some legal documentation to transfer their rights to my name ? What is this process & how much time & money it takes ? 2) Will it be advisable to sell the flat by transferring full share in my mother’s name ( Sr. Citizen) to save tax ? 3) How much will be tax in my mother’s case and also if I sell the flat in my name ? 4) How can we save the taxes ? Thank you in advance