Central Board of Direct Taxes notifies cost inflation index for 2023-24
Apr 11, 2023, 12:19 IST
The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the Central Board of Direct Taxes (CBDT) on Tuesday.
The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery.
The CII number for 2022-23 was 331 and for 2021-22 it was 317.
CII is notified under the Income-tax Act, 1961 annually.
It is commonly used for calculating 'indexed cost of acquisition' while calculating capital gains at the time of sale of any capital asset.
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The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery.
The CII number for 2022-23 was 331 and for 2021-22 it was 317.
CII is notified under the Income-tax Act, 1961 annually.
It is commonly used for calculating 'indexed cost of acquisition' while calculating capital gains at the time of sale of any capital asset.
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Daphne du Maurier's The Birds predicted environmental crisis 70 years ago
Amul vs Nandini: How the dairy giants compare in terms of price, product types and more