Market value as on 01-04-1981 for capital gain

Please refer the following case:

Property purchased by "A" in 1976. This property transferred to "B" ( "A" ' s Father's sisiter) in 1989 without any consideration. The property sold in F.Y. 2012-2013 by "B". What should be the cost of acquisation in the hands of "B" to calculate capital gain.

Whether Gift TAx applicable in the hand of "A" at the time of transfer to "B" in 1989. If yes can AO demand the said Gift Tax not so paid, or the Law of Limitation will apply and Gift tax cannot be demanded now?

 

Kindly clarify the above query?

 

Thanking you,

 

kindly mention the amount of asset acquired and amount for wch it was sold