Capital Gains on the Sale of Property

"If a property is sold at a gain, capital gains tax needs to be paid on the gains by the title holders of the property in the ratio of their ownership. It does not matter in whose bank account the money is received. Therefore, if you hold the title to the property then you need to offer your share of gains to tax in your tax return. However, you may use investment modes prescribed in Section 54 of the Income tax Act to save this tax."
Assuming your income is in the form of interest earned, you can reduce taxes by claiming deductions for medical expenses, if any, and tax saving investments such as deduction for interest up to Rs 50,000 (Section 80TTB), deduction under Section 80D for medical insurance, medical expenses and preventive health check-up up aggregating to Rs 50,000, deduction under Section 80C up to Rs 1.5 lakh for investments in Senior Citizens' Savings Scheme, ELSS funds, PPF, etc and deduction in respect of expenses on medical treatment of certain diseases up to Rs 1 lakh under Section 80DDB.

If you do not intend to claim any such deductions, or the total of all such deductions you claim does not exceed Rs 2,08,333, then the new regime will be beneficial to you. However, while a taxpayer can avail various deductions under the old regime, the new regime does not allow deductions, except a few, which may not be applicable in your case. The new regime can help you save up to a maximum of Rs 65,000 in taxes.