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capital Gains

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(Querist)
08 December 2008 On 1.4.1982 mr.A purchased asset later he transfer this asset to his wife(Mrs.A) as gift on 1.4.2003 which she has sold on 31.3.2008.
COST WILL BE OF MR.A i.e. 1/4/1982
This is a Long Term capital gain but my query is related to COST INDEXATION
Whether to take Indexation cost of 1.4.2003 or 1.4.1982.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 December 2008 As per law index of financial year 2003-2004 is to be taken. However, there is a tribunal decision by which index of financial year 1981-1982 is permitted to adopt. Pl refer Mrs.Pushpa Sofat Vs.ITO 89 TTJ 499(Chd).
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