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of <h1>Finance Bill 2014: Redefines Cost Inflation Index u/s 48 using Consumer Price Index (Urban) from April 2016.</h1> The Finance (No. 2) Bill, 2014 proposes an amendment to the definition of Cost Inflation Index (CII) under section 48, which pertains to the computation of income from capital gains. The existing definition references the Consumer Price Index for urban non-manual employees (CPI-UNME), which is now discontinued. The amendment will redefine CII based on seventy-five percent of the average rise in the Consumer Price Index (Urban) for the preceding year. This change is set to take effect from April 1, 2016, applicable to the assessment year 2016-17 and onwards.
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