Board Thread:Naruto Discussions/@comment-25139119-20140704145132/@comment-24067511-20140704225559

Elveonora wrote: Not really, it was made clear that once one incarnate dies, the chakra moves on. So perhaps as an Edo Tensei, he still had it, but when revived with Rinne Tensei, he should have lost it, because it was in Sasuke at the time.

I think he did have Indra's Chakra still as well because even though Hashirama was reincarnated, he had enough of Ashura's chakra for Hagoromo to recgonize it and appear before him. Or I could be wrong and he simply just recognized Hashirama in general.