Cost inflation index for fy 20-21
WebFeb 19, 2024 · Now the indexed cost of acquisition will be as per above formula i.e. Purchase Cost of the Asset X CII for the year in which the asset is sold. CII for the year in which the asset was first held by the assessee OR F.Y 2001-02 whichever is later. Indexed Cost of Acquisition=Rs 45,00,000 X252 = Rs.94,88,372. 129. WebJun 15, 2024 · By Taxscan Team - On June 15, 2024 8:31 pm - 2 mins read. The cost inflation index (CII) for the financial year (FY) 2024-22 has been notified by the Ministry of Finance. In a notification dated June 12, the finance ministry stated that CII for FY 2024-21 has been set as 317. For the previous financial year, CII was 317.
Cost inflation index for fy 20-21
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WebApr 11, 2024 · NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V) Cost inflation index for the Financial Year 2024-24 is 348. The CBDT notified this on 10 April 2024 vide Notification No. 21/2024. As per Notification no. 62/2024, dated 14-06-2024 following table should be used for the Cost Inflation Index :- WebJun 15, 2024 · CBDT notifies ‘317’ as Cost inflation index for Financial Year 2024-22 / Assessment Year 2024-23 vide Notification No. 73/2024-Income Tax Dated: 15th June, 2024. ... Over 5% rise from FY 20-21 CII…Reflecting the high Inflation rise in the year gone by due to various factors including lockdown. Reply. June 15, 2024 at 11:01 pm Cancel …
WebCost Inflation Index For FY 2024-24 (AY 2024-25): Check out cost inflation index chart from 2001-02 to 2024-23. Cost Inflation index also called Capital gain index is used to calculate the indexed cost of … WebApr 11, 2024 · Cost inflation index (CII) is required to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain. CBDT has notified cost inflation index for the FY 2024-24 on 10th April 2024 vide notification ...
WebSep 12, 2024 · Financial Year 2024-20: CII Number is 289; Financial Year 2024-21: CII Number is 301; Financial Year 2024-22: CII Nu mber is 317; Financial Year 2024-23: … WebApr 12, 2024 · 25 total views Cost Inflation Index for the FY 2024-24 notified at “348” New Cost Inflation Index Table for the Financial Years Financial Year Cost Inflation Index (CII) 2001-02 (Base year) 100 2002-03 105 2003-04 109 2004-05 113 2005-06 117 2006-07 122 2007-08 129 2008-09 137 2009-10 148 2010-11 167 2011-12 184 2012-13 …
WebApr 12, 2024 · This inflation calculator uses official records published by the U.S. Department of Labor. Inflation has averaged 0.93% per year since 1635, causing an …
WebApr 11, 2024 · The income tax department has notified the cost inflation index (CII) number for the current financial year. The CII number is used to arrive at the inflation-adjusted price of an asset. The capital gains that are chargeable to income tax are lowered using the indexation benefit. From FY 2024-24, the indexation benefit has been removed … html points tagWebAug 21, 2024 · Cost inflation index has been announced for F.Y. 2024-22 at 317 and for previous year FY 2024-21 it was 301. Indexed cost of acquisition has been explained in section 48 as “an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost … html png image not transparentWebFeb 19, 2024 · Now the indexed cost of acquisition will be as per above formula i.e. Purchase Cost of the Asset X CII for the year in which the asset is sold. CII for the year … hodgdon newsWebMay 4, 2024 · Cost Inflation Index (CII) ... CII from FY 2001-02 to FY 2024-21. Section 55 of the IT Act was amended through the Finance Act 2024, to establish that the cost of purchase of an asset acquired before April 1, 2001 will be allowed to be taken as the fair market value and the cost of improvement will include only those capital expenses which … html p meaningWebJul 3, 2024 · The cost of inflation index (CII) for the financial year 2024-21 has been notified by the Ministry of Finance. The ministry has set the Cost Inflation Index FY 2024-21 as 301.For the previous FY 2024-20, … hodgdon powder burn chartWebSep 13, 2024 · Now the indexed cost of acquisition will be as per the above formula i.e. Indexed Cost of Acquisition= (Rs.50 lakh/117)*272=Rs.1,16,23,931. So the Long Term … hodgdonpowdercompany.comWebMar 17, 2024 · Here, the asset is purchased before the base year. Hence the cost of acquisition = Higher of actual cost or FMV on 1st April 2001. i.e. Cost of Acquisition = Rs. 3,20,000. CII for the year 2001-02 and 2016-17 … html popup animation