My father expired in 1997 and mother in 2004. Parental Property sold in 2011. Amount shared among 4 brothers and sisters. I want to use the amount for opening trust for scholarship in university. HAVE I TO PAY INCOME TAX?

You will probably have to pay taxes on the difference between the value of the home when your mother died and the amount sold for. Each sibling will have to pay Capital Gains taxes on that difference. So if the house was valued at $100K and was sold for $120K, you each had a $5K Capital gain.

No, I am an Indian, I want the answer in Indian Context.

Sorry, ANY question on law needs to include your general locale as laws vary by area. This is an international site, but its primarily US so you need to specify.

Thanks for the information