For tax implication you may have to pay the long term capital gains tax as per the envisaged law on the subject. For more details you can contact a local tax consultant or your auditor.

For evicting tenants you may first issue notice stating that the building is very old and need to be demolished and reconstructed hence demand them to vacate, if they dont, see if the purchaser is ready to buy it as is where s condition or may file a eviction suit against the tenants.

1) if the circle rate is 5 crores you have to pay stamp duty on the circle r ate at the time of entering into sale deed with the purchaser .

2) section 50C of the Income-tax Act, 1961 clearly mentions that the liability on capital gains would arise on the value of the property as fixed by the state valuation authority which generally is the Sub-Registrar.

3) thus capital gains tax would be fixed on value of the property as fixed by the stamp valuation authority

1. How did you inherit the property that is ancestral? On what basis do you say the property is ancestral? Ancestral property is not capable of being inherited. It also cannot be sold until and unless it is divided.

2. All the heirs have an equal share in the ancestral property, which can be culled out by any of them by filing a case for division in the court.

3. Another obstacle to division in your case is its possession by the tenants. You should firstly evict the tenants by filing a case to this end in the court. After they are evicted you may proceed to divide the property and thereafter sell it.

4. By no means you can sell the property before the tenants are evicted and it is divided.

U can sell the propert at whatever price u want. Appropriate tax on the same is to be paid and the urgency to sell belle the circle rates can be shown. You also will to pay the capital gains. Consult a CA.