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Capital gain tax

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(Querist)
19 January 2012 Mr.Seethu Acquired a property in 1956 for 50,000/- and has transfered the same to his younger son Mr.Somu in 1958 by will(Regd) and Mr.Somu got 2(sons), 6(Daughters) and he passed away without any Will in the year 1983 ...Now these 9 people (Wife -2Sons,6Daughters) are selling the property for 160Lakhs.
In this case :-
how to calculate the Indexation for the property i mean which year price has to be considered ?? as IncomeTax came in 1961
Which price is to be taken to inddex ??

Here i am confused Going with Sec 48 Please some one Clarify
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Prakash Kochar

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Prakash Kochar (Expert)
21 January 2012 They have option to substituting the fair market value as on 01-04-1981 as acquuision cost. As the previous owner acquired the assets prior to 01-04-1981 i.e.in 1956.
Ref. Provisio 2 of sect. 48
Sect. 49(iii) with expl. to sect.
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