The assessee was a co-owner of a residential house property which originally belonged to his grandfather. Assessing Officer allowed benefit of indexation as per assessee’s share in said property i.e. 42.5 per cent from assessment year 2007-08 i.e. when assessee became owner of property by way of settlement deed executed by his father.   Tribunal held that since assessee had inherited property from his grandfather by one of mode specified under section 49(1), he was entitled to benefit of indexation from date of his grandfather’s acquisition of said property. (AY. 2011-12)