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of <h1>Amendment to Finance Bill 2014: Section 48 redefines 'Cost Inflation Index' using Consumer Price Index (Urban) for capital gains.</h1> Clause 19 of the Finance (No. 2) Bill, 2014 proposes an amendment to section 48 of the Income-tax Act concerning the computation of capital gains. The amendment changes the definition of 'Cost Inflation Index' in clause (v) of the Explanation. Previously, the index was based on the Consumer Price Index for urban non-manual employees. The amendment substitutes this with the Consumer Price Index (Urban), effective from April 1, 2016, applicable to the assessment year 2016-17 and subsequent years. This change aligns the index with a broader measure of urban consumer prices.
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