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Capital Gains

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10 December 2008 Mr. A purchased a property in 1982. After that Mrs. Y acquired it in 1991 for a valuable consideration. On death of Mrs. Y, her husband inherited the property in F.Y. 2003-04.
Mr. Y sold the said property in F. Y. 2007-08. In this connection, for the purpose of computing capital gain,

1) Cost will be cost to Mrs. Y
2) For the purpose of indexation index of F.Y. 2007-08 will be in the numerator of the fraction, but which years index will be in the denominator of the fraction. Is it of F.Y. 2003-04 or of the year in which Mrs. Y acquired the property?

Is there will be any difference if the property is gifted to Mr. Y by her wife instead of inheritance?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 December 2008 Index of financial year 2003-04.
No difference in case of gift.
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