Date of acquisition

     you shuold take date of acquisation on 1/4/1981 and cost of acquisation will be fair market value on 1/4/1981 or original cost which ever is higher................and indexation will be done from 2001 to the year of sale.( may be 2008 since you dont give date of sale)

The cost of acquisition for the purpose of capital gains in this case would be fair market value as on 01.04.1981. For this purpose refer to section 49 and its explanation under The Income Tax Act,1961.

i purly agree with u'rs the suggesions,

but there is one dough,

whether it involve any clubbing provison ?

no there will be no clubbing
 

I agree with Raza..

There will be no clubbing because the transfer is under a scheme of administration.
 

i think clubbing will be attracted since its transferred without any consideration . Otherwise, whenever any one wants to sell any property in india, they  will start transferring properties without consideration to their spouse under some scheme of administration to reduce tax liability .

regarding cost of acquisition i think the cost has to be taken as zero cos sec 49 no where specifically states scheme of administration. I think it will be deemed to be a gift (cos consideration is not paid ) and hence wont be regarded as transfer at all under sec 47

only an attempt has been made to solve the query it should be noted that Senior opinion is  needed .

I agree with the rajeev & the clubbing will be atttracted u/s Sec. 64(1)(iv)

again issues of this type require the opinion of senior person.

Thanks,

sunil

u can also visit the section 64(1)(iv) on https://www.indiataxes.com/Information/incometax/contents/clubbingofincome/clubb_total_inc.htm

thanks

sunil