CBDT has vice Notification No. 44/2017 notified Cost Inflation indexes with Base Year as 2001-02 for the Financial Year 2001-02 to 2017-18 and same are applicable from Financial Year 2017-18.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TEXES)
NOTIFICATION NO. 44/2017
New Delhi, the 5th June, 2017
INCOME-TAX
S.O. 1790(E).—In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Cost Inflation Index as mentioned in column (3) of the Table for the Financial Years mentioned in the corresponding entry in column (2) of the said Table, namely:—
| TABLE | ||
| SI. No. | Financial Year | Cost Inflation Index |
| (1) | (2) | (3) |
| 1 | 2001-02 | 100 |
| 2 | 2002-03 | 105 |
| 3 | 2003-04 | 109 |
| 4 | 2004-05 | 113 |
| 5 | 2005-06 | 117 |
| 6 | 2006-07 | 122 |
| 7 | 2007-08 | 129 |
| 8 | 2008-09 | 137 |
| 9 | 2009-10 | 148 |
| 10 | 2010-11 | 167 |
| 11 | 2011-12 | 184 |
| 12 | 2012-13 | 200 |
| 13 | 2013-14 | 220 |
| 14 | 2014-15 | 240 |
| 15 | 2015-16 | 254 |
| 16 | 2016-17 | 264 |
| 17 | 2017-18 | 272 |
2. This notification shall come into force with effect from 1st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years.
[Notification No. 44/2017/F.No.370142/11/2017-TPL]
ABHISHEK GAUTAM,
Under Secy. (Tax Policy & Legislation)
Also Read- Cost Inflation Index – Meaning & Index from 1981-82 to all the years
Sir,
A plot purchased for Rs.2500/- in 1975 is now going to be sold for nearly Rs.2 crores.
Now what would be the long term capitalgain amount and how to calculate this.
Dear Sir
I have inherited a home which my father purchased in 1988 at 160000. If I sell this home in 2021 what will be the taxable amount since I am not able to understand the concept of two cost of inflation indexes which changed in 2017 regards
please reply as this is a geunine question,and your guidance will be appreciated.
Thanks
Dear Sir
While filing Tax Returns for AY 2019-20, do we consider the cost index of FY 2017-18 or is there already a notified index for FY 2018-19? If there is could you please guide me.
Thanks and regards
Jayant Sahi
Very dear Sir, cost indEx has been subsrituted fom base year to f.y.2001-02,have beautifully pasted . But it will behalpfull to all C.As and practicing Advocates in taxation side,if it may be more clarify byadding the waightage of percentage ,side by side, by value.
Thanks
Yours
gangaram50@gmail.com
Advocate M/S GANGARAM and co.
SIR,
FROM WHICH DATE IT WILL BE IN FORCE,
CAN WE CALCULATE THE CAPITAL GAIN LIABILITY ON THIS BASIS FOR FY 2016-17 KINDLY LET ME KNOW
The new table is practically identical to old Table , with identical results, except that now assessees can , as an option, adopt market value as on 01.04.2001
Please clarify the applicability of this notification.