By applying ab initio calculation within density functional theory (DFT), we study the structure parameters, electronic band structure, elastic coefficients, polycrystalline elastic properties, anisotropy factors and Debye temperature of ferroelectric and paraelectric phases of LiTaO3 within the generalised gradient approximation at ambient pressure. The atomic structure in both phases is fully relaxed and the lattice constant, angle and atomic positions are well consistent with experimental values. The computed single-crystal elastic coefficients indicate that mechanical stability of LiTaO3 in both phases is confirmed using the generalised Born criteria. The shear, bulk and Young's modulus, Poisson's ratio, and Vickers hardness were computed according to theoretical elastic constants by Voight-Reuss-Hill method. Several anisotropy factors and indexes are computed to illustrate mechanical anisotropy. Both phases are shown to be weakly anisotropic. The Debye temperature is estimated using the longitude and transverse elastic wave velocity of the ideal polycrystalline LiTaO3 aggregates. We have found that LiTaO3 in both phases has an indirect energy band gap. The differences in the electronic structure and density of states for both phases are quite small. Our results indicate that the mechanical and bonding properties of both phases are very similar. The obtained results were compared with the available experimental and theoretical values.