Taxability of conversion of tenacy into ownership in hands of landlord

For landowner trust ..... Its not just transfer of tenancy rights, but sell of the property/ies. So, LTCG (rather loss) should be calculated over indexed cost of acquisition of the property, based on FMV as on 01.04.2001.

1. There is nothing complicated in the above scenario. Whether tenancy rights are converted or not it will still be considered as sale and whatever the amount received will be treated as sale consideration and subsequently be charged to tax. 
2. Capital gains will be arrived as per normal manner and there is no special computation involved in the given case. 
3. FMV as on 01.04.2001 should be taken and indexation will be available on the property and arrive at the indexed COA. 
4. Sale consideration less Indexed COA will be your Long term Capital gains. 
Please correct me if the above solution has an alternative view.