Centre notifies cost inflation index for 2023-24
New Delhi, April 11: 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.
(The content of this article is sourced from a news agency and has not been edited by the ap7am team.)