Cost of Index

[Hanumanthaiah D.T]

Cost of Index for the assessment year 2006-07,2007-2008 and 2008-08

[DEV KUMAR KOTHARI]

Dear Mr. Hanumanthaiah D.T CII- Please make some efforts- browse the website for notifications u/s 48. This is not a suitable matter for discussion forum- this is my personal view. Any way desired CII are as follows; Fy AY CII 2005-06 2006-07 497 2006-07 2007-08 519 2007-08 2008-09 551

[Hanumanthaiah D.T]

capital gian: A information ( female individual) 1.Site purchased on 1995 for 3 lakhs. 2.constucted in 2008 june 2008. 3.cost of constuction Rs 20,laksh 4. Sold for Rs 36 laksh in july 08.(constructed property) B . Quistion 1. capital asset is short term and long term 2.what proof to be attached for cost of construction for income tax 3. whether CA cirtificate required for filling ROI for cost of construction. 4. any proof requied for paying brokerage and commission for sale. 5. wt will be capital gain. 6.How to save tax

AI Summary

Cost Inflation Index: supplied indices to be applied when computing indexed cost for capital gains reporting. Adviser supplied Cost Inflation Index numbers for the cited years; the taxpayer described purchase of land in 1995, construction completed in 2008 and a sale in July 2008, and asked whether the asset is short or long term, what proof supports cost of construction, whether a CA certificate is required, what evidence for brokerage is needed, how to compute capital gain, and how to reduce tax liability.