Regarding Indexation of Gifted Property

This discussion concerns the correct cost basis for calculating capital gains tax on gifted property. When a father gifted land to his daughter in FY 2018-19 for £806,000, the question arises whether the indexation should be based on this gift deed value or the father's original purchase price of £357,840 in FY 2014-15. The prevailing view suggests the original cost price is the relevant figure for indexation purposes, especially considering potential exemptions under Section 56(x)(2) for blood relations.