*SECTION 48, EXPLANATION (V) OF THE INCOME-TAX ACT, 1961 – NOTIFIED COST INFLATION INDEX FOR FINANCIAL YEAR 2008-09***
Cost Inflation Index for Financial Year 2008-09/ Assessment Year 2009-2010
*NOTIFICATION NO. 86/2008, DATED 13-8-2008*
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, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st day of April, 2008 and ending on the 31st day of March, 2009 and for that purpose further 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 number S.O.709(E), dated the 20th August, 1998, namely:
In the said notification, in the Table, after serial number 27 and the entries relating, thereto, the following serial number and entries shall be inserted, namely 😕
“28
2008-09
582″
Hi !!
Would really appreciate on a quick response to my below query.
I own two flats on my name and planning to sell one of the flats which is currently let out (not self occupied).
The question is –
1. If I sell this flat now (July 2009), will it be Long term capital gain? Date of Agreement/Registration is June 2006 and Date of possession is March 2008.
2. If I invest the money gained by selling one of these two flats and purchase another one with that money, would I get exemption in tax?
3. To save tax, do I need to sell self occupied house only or even sell of non-self-occupied flat is also ok (provided I invest money in buying another flat within 2 years)
Thanks & Rgds
Abhay