Cost Inflation Index
In April 2023, the Income Tax Department had notified the Cost Inflation Index (CII) for the fiscal beginning April 2023.
- CII number is used to adjust the purchase price of assets on the basis of inflation.
- The CII number helps an individual to ascertain the inflation-adjusted current price of an asset.
- This helps in calculating capital gains from a transfer or sale of capital assets after taking inflation into account.
- Capital gain refers to the profit acquired from the sale/transfer of any capital assets, including land, property, stocks, shares, trademarks, patents, etc.
- It helps taxpayers offset the impact of inflation as the difference between the ....
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