2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Central Board of Direct Taxes
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Department of Economic Affairs
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National Statistical Office
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Reserve Bank of India
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Detailed explanation-1: -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.
Detailed explanation-2: -Cost Inflation Index (CII) is used for calculating the indexed cost of acquisition and indexed cost of improvement of capital assets under Section 48 of the Income Tax Act, 1961 for the calculation of long-term capital gains. The section empowers the Central Government to notify the CII for any financial year.
Detailed explanation-3: -Cost Inflation Index Back. Date when asset was first held by assessee. Date of transfer of asset. View All CII.
Detailed explanation-4: -The formula to calculate inflation-adjusted cost price is: (CII of the year of sale/CII for the year of purchase) * Actual cost price. The government declared in Budget 2017 that the base year would be changed from 1981 to 2001 due to challenges in obtaining appropriate information by taxpayers.
Detailed explanation-5: -The cost inflation index for the year 2022- 23 is 331.