For Long-term Capital Gains Calculations, I-T Department Notifies Index

The cost inflation index is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation

The Income Tax Department has notified the cost inflation index for the current fiscal to calculate long-term capital gains arising from the sale of immovable property, securities and jewellery.

The cost inflation index (CII) is used by a taxpayer to compute gains arising out of the sale of capital assets after adjusting for inflation.

The Cost Inflation Index for 2022-23 relevant to assessment year 2023-24 is 331.

AMRG & Associates Senior Partner Rajat Mohan said the CII will help taxpayers to compute long-term capital gains tax, enabling them to remit advance tax on time.