WebApr 12, 2024 · Cost inflation index is a tool used in India to account for inflationary effects on asset costs. It reflects changes in prices of goods and services over ... if you purchased a property for Rs 25 lakh in 2002-03 and sold it in the current financial year with a CII number of 348, the inflation-adjusted price of the house would be Rs 82.85 lakh ... WebJun 13, 2024 · The Cost Inflation Index (CII) for FY 2024-21 will come into force with effect from April 1, 2024, and will accordingly apply to the assessment year 2024-22 and …
Cost Inflation Index (CII) for FY 2024-23 - Table and Calculation
WebCost Inflation Index or CII is a tool used in the calculation of an estimated yearly increase in an asset’s price as a result of inflation. The Central Government fixes this … WebMay 4, 2024 · Cost Inflation Index (CII) CII is an index used to calculate the notional increase in the value of an asset due to inflation. One can view the CII from 1981 onwards. The CII for each financial year is available on the IT website, incometaxindia.gov.in. CII applicable from financial year (FY) 1981-82 to FY 2016-17. FY: CII: 2016-17: ca legislature swearing in
Cost Inflation Index - Overview of CII, Calculation Table & Examples
Web2 days ago · Cost Inflation Index (CII) for the previous year, i.e. FY2024-22 was 331. The CII Number for the current and the last 5 financial years is FY2024-24 (CII is 348) and for previous five years is FY2024-23 (CII is 331), FY2024-22 (CII is 317), FY2024-21 (CII is 301), FY2024-20 (CII is 289) and FY2024-19 (CII is 280). WebApr 11, 2024 · The income tax department has notified the cost inflation index (CII) number for the current financial year. The CII number is used to arrive at the inflation-adjusted price of an asset. The capital gains that are chargeable to income tax are lowered using the indexation benefit. From FY 2024-24, the indexation benefit has been removed … WebJan 13, 2024 · CII of year 2016-2024= 264. CII for year 2024-2024= 317. Now, we need to know CII on the purchase price of Meera’s assets. For this, we must use the following formula: Cost Inflation Index = CII of the … coach fish bag