Thank you for your assistance. I would like to clarify the basis of the asset in question.
Given that the property is over 50 years old, the Indian Government acknowledges the difficulty in accurately determining its original price. As such, the basis for valuation has been set to the property's worth on April 1, 2001. Typically, indexation would commence from this date.
As we discussed and agreed, we will not be applying indexation. However, I would like to confirm if we can still use April 1, 2001, as the basis for the property's valuation, especially since it was transferred via a gift deed prior to her grandfather passing.
