Indexed cost of acquisition computation

A Captial Asset being a Commercial Shop was Gifted by Elder Brother to Younger Brother by way of Gift Deed in F.Y.2005-06. The same property was purchased by Elder Brother in F.Y.1998-99 from outside party. Let us assume that the cost of Acqusition to the Elder Brother was Rs.2,00,000/- in financial year 1998-99 & there after certain expenditure incurred in relation renovations & alterations etc in different years approx. to  Rs.1,00,000/-

Now the query is whether both Cost of Acqusitions can be indexed based on the Year of Purchase/Renovations & the same can be reduced from Sale Consderation Of Rs.15,00,000/- in the year of Sale i.e. 2010-11 or not in the hand of Younger Brother who sold the property in year 2010-11 so far computation of Long term Captial Gain is concerned under I.T.Act.