Any risk in signing indemnity bond?

How is that the property is ancestral? What do you mean by ancestral?

How your father is having title to the said property - by inheritance or through conveyance?

How is that the property is in jointly held? How the other person is related:?

Who are the legal heirs of your late father?

Is it indemnity bond or relinquishment/release deed?

Thank you Sir for your response. I have limited knowledge.

The CT survey office records have name of my father and a close relative (cousin of my father).

Just like Index 2 has name of owner. the CT Survey office records have those 2 names on one part of the land. It's like recorded as 1234/3/2 So the main survey is 1234/3 and then 2nd part is what is in name of my afther and his cousin. 

As far as direct legal heirs are concerned it's me and my sister.

The land is in name of my father and his cousin. Now that relative suggests to sign indemnity bond (i do not know if there's any other document) so that he can remove name of my father and put his sole name on the entire land!

There's no dispute here. 

You, your sister and your mother(if alive) have an equal share of the share of your father.  So all of you can relinquish your rights over the portion of your father. If your sister and mother may object to it, you can only relinquish your rights for your part.

The legal heirs of your deceased father, if not interested in the property, can execute a registered release deed relinquishing your rights in the property which will solve the problem.

I agree with the advise of learned senior expert Mr. Kavksatyanaraya.

You may consider to relinquish (release) your share in favour of anyother co-share.

However, there is no such legal concept /provision of "indemnity bond" qua releasing your share(s).

The querist has been misguided about the irrelevant concept called indemnity bond, hence please note that insofar as the transaction of an immovable property  is concerned, a registered deed alone will make the transaction valid in the eyes of law and not such flimsy thoughts of executing an indemnity bond.