SECTION 48, EXPLANATION (v) OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS – COMPUTATION OF – NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2014-15

Notification No. 31/2014, Dated: June 11, 2014

S.O. 1498(E)- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income Tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-

2. In the said notification, in the Table, after serial number 33 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

Sl. No.
Financial Year
Cost Inflation Index
(1)
(2)
(3)
“34
2014-15
1024″

F.No.142/3/2014-TPL

(Ashis Mohanty)
Under secretary to Government of India

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Category : Income Tax (24919)
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0 responses to “Cost Inflation Index for Financial Year 2014-15”

  1. arvind says:

    i have preached a plot in 1998 for rs 40000/ and made a structure on it from my own rs200000/ and rs1000000/ for completion eight set and in jan 2015 i sold one of my flat for rs 1700000/ can you help me for calculate my long term capital gain my other rental income is rs 300000/ after 30% deduction pl reply imediatly

  2. vswami says:

    June 13
    Regret the inadvertent mistake in spelling; to be read – S Sudarshana

  3. s sudarshana says:

    IT dept clearly says that the address in the PAN card is the address that is reflected or used for communication. How difficult it is to get the address changed in the PAN is known only to those who have gone through the Ordeal. But we can change the addres in the challen (advance tax or SA Tax).

  4. vswami says:

    @s.sudharshana
    It is a case in which bank has been duly informed , on a timely basis, change in address of the account holder and it has been duly taken/incorporated on the bank’s system record.Even then, presumably because the bank has continued to, while uploading the TDS data, omitted to report the new address; so much so, in 26AS, so also in Form 16A, the old address continues to be displayed. In the tax returns filed after the change in address, however, assessee has been reporting the changed new address. How to have the 26AS corrected, if at all,that is needed ?

  5. s sudarshana says:

    We cannot correct the details of deductee or any columns in the TRACES. This is the consolidated figure with inputs from various agencies. Deductee details come in property transcations and invariably sent by deductee only while depositing the TDS.
    However if the error is anywhere except PAN, same can be shown in the ITR filed as scope exists to enter all the TDS etc which may or may not match with the TRACES figure. Quite often there is a time gap from the time of TDS and its reflectance in TRACES.

  6. Mahesh says:

    How to make make Correction in Deductee Details in TRACES (online)?

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