My father expired in 1983 and mother in 1996. Parental Property sold in 2012. Amount shared among 3 brothers and 2 sisters. please advice us on amount tax liable or not

The BASIS for the property to determine the capital gain is the value on the date of death of the parent in whose name the property was in. Hence, if you and your siblings received the property in 1983, then that value applies. Same for 1996.

If the value is GREATER than what you got in the sale, the loss is NOT deductible. The you did have a gain, it will be taxed at capital gain rates, no more than 15%.

ANY question on law needs to include your general locale as laws vary by area.