Mr Saket Jha ji, It would be better if you get a relinquishment deed get signed by your mother and sister in your favour and sell the said property by your own name this will attract only single Capital gain Tax and if you reinvest the amount in purchase of an other property you will be exempted by this. This will be a good and safe way for dealing in your favour by allmeans.
Dear Mr Jha, Before I advise, I would like to know the details of acquistion of Property. When it was purchased/constructed by your father and at what cost. These two informations would decide a) whether it is a long term capital assets, entitled to exemptions u/s 54 and taxable at concessional rate of 20% and/or b) If any gains arise at all to be taxable.
The sale consideration being very low it is very unlikley there would be any gain. Also please confirm sale consideration is as per circle rate for the city, the property is located.
Would explain tax implications and relief on receipt of your inputs.