I have sold a flat in my mothers/s name after her death and recd money in my account how to compute income tax

sold flat at 7 lacks mother died in same year recd funds in my bank account being only son not to share with others how to compute LTCG ?

The tax on long term capital gains (On property) is @20% flat rate. That is on indexed gains and not on direct gains. Index gains will lesser than direct gains. If the property is very old (say 1980 or before that), then the index gains also will be very less.

For correct calculations you need to give the following information.

1. Your income in that financial year (When you sold the house). Also you are male or female.
2. When your mother purchsed or constructed the house with its cost. (Including registration charges)
3. Date of Sale and sale deed amount. You should give the Govt. registered amount and not the actual amount you received.
4. Any brokarage paid. If so how much.
5. Any repairs or modifications to house. If so, in which year, type of modifications and its cost (Financial year wise)

The above information is required. Please again ask a new question with the above information. For time beeing, I am giving you a simple calcucation for your information.

1,00,000 purchased house in 1981-82
0,02,000 registration of flat in 1981-82.
------------
1,02,000 Cost of house
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7,00,000 sold flat in 2007-08
0,14,000 brokarage paid at the time of sale
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6,86,000 Amt. received by sale of flat.
=======

How much tax to pay for above ??

559 is the index for FY:2007-08
100 is the index for FY:1981-82

1,02,000 x 559 / 100 = 5,70,180 (indexed cost as againest actual cost Rs.1,02,000

686000-570180=1,15,820 is the indexed gains

Tax on 1,15,820@20%= 23,164+Edu.Cess= 23,859

If you are male and dose not have any other income except this flat sales income, then you have to pay tax on 115820-110000= on Rs.5,820 only. (Tax= Rs.1,199).