- CS K K Agrawal
- | Income Tax - Articles- Featured |
- 09 Aug 2020
- 609,849 Views
- 19 comments
Markets of property, shares and jewellery are speculative in nature. People buy these assets either for security (Investment) or for speculation. The transactions in these assets are also subjected to capital gain tax.
The other benefit of long term asset that they can be indexed. Govt. has come out with index table called Cost Inflation Index whose base year was fixed as 1-4-1981. In Finance Bill 2017 the Govt. has taken a very bold step and has shifted the base year from 1981 to 2001 for the benefit of investors.
Also period of holding of land and / or building has been reduced from 36 months to 24 months.
Today in this article I am providing entire list of Cost Inflation Index from Financial Year 2001-02 to Financial Year 2020-21.
As per Notification No. So 3266(E) [No. 63/2019 (F.No. 370142/11/2019-TPL)], Dated 12-9-2019, following table should be used for the Cost Inflation Index:
| Sl. 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 |
| 18 | 2018-19 | 280 |
| 19 | 2019-20 | 289 |
| 20 | 2020-21 | 301 |
Note: the above list is as amended by Finance Act, 2020
Disclaimer: The contents of this article are for information purposes only and does not constitute advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer to relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.
(Republished with Amendments by Team Taxguru)
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Sir, I bought a property i( house) in 2010/2011in joint name if my wife and daughter, my wife passed away in Feb 2013, the property was transferred in my daughter name and registered as such , there after the property was transferred in my name by my daughter and registered . Transfers allowed in Haryana being in blood relations . How do I calculate the cost infation index on the property. The present cost of the property be original cost or will it be the one after addition of cost inflation index for calculation of LTCG. Thanks for your valued advise. Regards Gen Bhalla
I have purchased a land in the year 2001-2002 for Rs.50000/-.Since then I had invested a sum of Rs.300000/- towards development.Further I paid municipal tax amounting to Rs.20000/- (approx) on the said property regularly upto the F Y 2020-2021.I sold the said land in August 2020 for Rs 16 lacs. Plz let me know what amount of tax I have to pay.
How to calculate long term capital gains for 1971 property redeveloped in 2010 and recd by way of will in 2012.
Bought land in 1991- 92 for rs20000.
Want to sale in 2020 -21 for rs 2700000.
What is LTCG.
If I invest LTCG amount in REC capital gain bonds for three years, will I be liable to pay capital gain tax on maturity of bonds
Bought plot 1985 (cost 1 lac), start building house in 2001 and completed in 2012 (cost 42 lacs) and made modification/extension 2015-2017 (cost 28 lacs). How do calculate the the indexed acquisition cost as of 2021:
– each year of expenditure OR
– by some other mean to derive the accusation cost as at 2021.
I have purchase a house in 2007 for Rs 12 Lakh and sold in Rs 40 Lakh. What would be capital gain and if i purchase new house for Rs 50 lakh will there be any capital gain
I understand that a buyer of NRI property in India has to deduct TDS @ 22.88%. If an NRI’s capital Gain is NIL (sale price less than indexed cost), will the buyer still deduct @ 22.88%? In this case, under what conditions will the IT Office issue a NIL TDS Certificate? What will satisfy him? Will the buyer make no deduction then? Shall be obliged by an answer. Thanks
Please advise the cost inflation index for FY 2021/22
i bought my home in 2000 at a price of rs 250000…..and sell in year of 2021 at price of 1500000 how many amount taxable ..and how many tax claimed by income tax department as indextion
My mother is 67, a housewife and has never got in the business of filing returns or taxes. In 1989 she got a 539 sq ft single bed apt in Kandivli W, Mumbai for around ₹90000. Now she is looking to sell the same for ₹1.25 crores as per market rates in the area. How much LTCG tax she has to pay? How much exemption can she claim since she has no source of income herself?
In year 1975 Purchased Agricultural land @ INR 6000.00, and sell in year 2021 @ INR 1,30,000.00 so how much it’s tax value.
You have said that the CII has moved to 2001. Does that mean any property acquired earlier than 2000, need not pay any tax?
Please explain.
I have property acquired in 1995. Hence the question
Bought 2BHK flat in mumbai for Rs. 85,000 in year 1985-86, sell for Rs. 80,00,000 in year 2020-21. What’s the LTCG calculation
800000-255850(85000/100*301)=7744150
LTCG ON 7744150@20.8%=1610784
Hi, As you’re willing to sell the property which you have acquired in 1995, i.e. before 2001, you should calculate indexed cost of acquisition by taking 2000-01 as base year and have to pay tax, if calculation results in capital gain @20%. Hope, this might help you.
Thanks
will it be applicable to property sold in financial year 2016-2017 ?
OFFHAND
In changing and re fixing the base year by itself may not be a bad idea ; and as such cannot be faulted.
Nonetheless, the nagging doubt in one’s mind this- does it stand to reason why the extant indexation has been left otherwise untouched ; except by simply adding the Index for 2016-17. To be precise, are not, by leaving the Index for the new Base year 2001-02 at 406,holders of property acquired before 1-4-2001 deprived of the benefit of indexation to that extent (i.e.406 points ) ?
Any different way of viewing or construing the change; over to tax pundits to enlighten !