TDS would be deductible on compensation amount. 

section 2(47)(i) of the  Income Tax Act, transfer in relation to a capital asset, includes, the sale, exchange or relinquishment of assets.

2) 

The release when effected upon receipt of consideration becomes a deed of conveyance. The Honble Supreme Court in the judgment reported in AIR 1966 SC 337 (Thayyil Mammo And Anr. vs Kottiath Ramunni And Ors.) has held as follows:

"In Hemendra Nath Mukerji v. Kumar Nath Roy, 12 Cal WN 478, by a registered deed called a deed of disclaimer the executants relinquished all their right, title and interest and claim in the properties in favour of the releasee upon the condition that the releasee would discharge certain debts and the executants would be under no liability to pay those debts. Though the deed was stamped only as a release and not with ad valorem stamp, Maclean, C. J. held that on its true construction it was a transfer. We think that a registered instrument styled a release deed releasing the right, title and interest of the executant in any property in favour of the releasee for valuable consideration may operate as a conveyance, if the document clearly discloses an intention to effect a transfer. In the instant case, Ex. B-2 clearly discloses an intention to transfer all the rights of Baithan to defendants 1 to 5, and though the word "surrender" is used and though the deed is styled a release deed, it operates as an assignment."

3) when you are relinquishing property for monetary consideration, it will result in capital gains for the transferor.and you have to pay income tax on consideration received by you 

An irreversible legal document or instrument is used when a legal heir irrevocably relinquishes or releases his or her legal rights in an inherited property for another legal heir, such as their mother, son, daughter, brother, sister, etc. The relinquishment deed needs to be registered with the sub-registrar in order to be valid legally. Only the portion of the property being given up is subject to stamp duty; the entire worth of the property is not. If the property is transferred by a relinquishment deed for a payment, the transferor will unavoidably incur capital gains under the IT Act, and no tax benefits would follow.

The amount settled or market value of the property transferred under the registered relinquishment deed would attract the capital gains tax as applicable 

Income tax is only applicable if you earn from the said property as beneficiaries otherwise no

The tax implications of giving up your rights as a beneficiary and receiving monetary compensation, as well as vacating your father's premises and receiving compensation from your sister, may vary depending on the specific circumstances and the tax laws of your jurisdiction. It's important to consult with a qualified tax advisor or chartered accountant who can provide personalized advice based on your individual situation and the applicable tax laws.

Regarding giving up your rights as a beneficiary and receiving monetary compensation, the tax treatment could depend on factors such as the nature of the rights being given up, the source of the compensation, and the tax laws governing such transactions in your jurisdiction. Generally, if the compensation received is in the nature of a capital receipt, it may be treated differently for tax purposes compared to compensation received as income.

Regarding vacating your father's premises and receiving compensation from your sister, it could involve aspects of property transfer, rental income, or capital gains, depending on the specific details of the arrangement. Again, the tax treatment would depend on the applicable tax laws, the purpose of the transaction, and the specific nature of the compensation received.

-  As per the Income Tax Appellate Tribunal , the income from the relinquishment of right over a property cannot be treated as capital gain for the purpose of levying an income tax.

2.  As per Section 2(47) of the Income Tax Act,  even extinguishment of any rights in a property would also cover under the definition of transfer. Therefore, once extinguishment of any right in a property comes under definition of ‘transfer’, as defined u/s.2(47) of the Act, then consequential consideration received for transfer of property would come under the provisions of section 45 of the Income Tax Act, 1961.

- You should contact an Income tax practitioner for getting a fruitful suggestions. 

just check s.56 of the income tax act regarding income from other sources

the amount received due to inheritance is exempt from tax

any property received by the person on account of inheritance is also exempt from tax

however if the person releases his right to such inheritance against receipt of money then such money would fall under the head of income from other sources and included in your income and taxed according to your applicable income tax slab 

above view is preliminary