I-T Dept notifies Cost Inflation Index for current FY for computing LTCG ...Middle East

The Income Tax Department has notified the Cost Inflation Index for the current fiscal beginning April 2023, for calculating long-term capital gains arising from sale of immovable property, securities and jewellery. The Cost Inflation Index (CII) is used by taxpayers to compute gains arising out of sale of capital assets after adjusting inflation. The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 stood at 348, as per a notification of the Central Board of Direct Taxes (CBDT). Usually, the income tax department notifies CII in the month of June. The CII number for last fiscal was 331 and for 2021-22 financial year it was 317. AMRG & Associates Senior Partner Rajat Mohan said the

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