// Move the object to the same position as the parent:
    transform.localPosition = Vector3(0, 0, 0);
    
    // Get the y component of the position relative to the parent
    // and print it to the Console
    print(transform.localPosition.y);

using UnityEngine;
using System.Collections;

public class example : MonoBehaviour {
    void Example() {
        transform.localPosition = new Vector3(0, 0, 0);
        print(transform.localPosition.y);
    }
}

import UnityEngine
import System.Collections

class example(MonoBehaviour):

    def Example():
        transform.localPosition = Vector3(0, 0, 0)
        print(transform.localPosition.y)