Year of Index to compute capital gain on sale of inherited asset

The assessee in his individual capacity inherited the property i.e. Bungalow situated near Grid Sub-Station, village Gotri, Vadodara along with his brother on the demise of their father late Shri Manubhai G. Amin on 23.12.1998. The property was sold for a consideration of Rs.3.35 crores. Thus, the assessee calculated his share of capital gain at Rs.21,24,438/- taking the benefit of “Cost Inflation Index” as per the base year 1981-82. The Assessing Officer was of the opinion that “Cost Inflation Index” should be as per the Financial Year 1998-99, as the property was acqu...