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2012 (8) TMI 352 - AT - Income TaxComputation of indexed cost of acquisition for of computation of LTCG - property sold got from inheritance from ancestors - Held that:- As in case capital asset been inherited by the assessee and previous owner had acquired the property prior to 1.4.1981 the cost of acquisition to the assessee will be the cost of acquisition to the previous owner or FMV of the property as on 1.4.1981 at the option of the assessee - As in this case, the assessee had opted for FMV as on 1.4.1981 as the cost of acquisition no dispute that the previous owner had acquired the property prior to 1.4.1981 and thus while computing indexed cost of acquisition of the property, the cost inflation index of 100 (as on 1.4.1980) and cost inflation index of the year in which the property was sold by the assessee has to be taken into account and not the cost inflation index of the year in which the assessee first held the property - in favour of assessee.
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