You shall have to find out the fair market value at 1st April 1981 by a certified valuer for that property.
Sale Consideration/stamp value whichever is more ...........
Less:-
Indexed cost of (fair market value as on 1981)(in your case) ................
Indexed cost if improvement/development in property ...............
selling exp(if any) ............ ...........................
Long Term capital gain .......................
Exemption can be claimed u/s 54/54F/54EC/54B up to the amount of investment is made in 54 EC Bonds/residential house/agri land etc sub. to some conditions.
Remember only part of your share has to be calculated.
If you do not consider indexation then the tax rate will be 10% otherwise 20%(exclusive of surcharge and cess).Further basic exemption limit will also be available.