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of <h1>Government issues updated Cost Inflation Index from FY 2017-18 under Section 48 for capital gains tax calculations</h1> The government has specified the Cost Inflation Index (CII) applicable from the financial year 2017-18 onwards, effective from April 1, 2018, for use in income tax assessments starting from the assessment year 2018-19. The notification lists the CII values for financial years 2001-02 through 2026-27, which are used to adjust the cost of assets for inflation when computing capital gains. Subsequent amendments have updated the index for later years, ensuring that the CII remains current for tax calculations. This index is issued under the authority granted by section 48 of the Income-tax Act and applies to all relevant assessments from the specified date forward.
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