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of <h1>Central Government Sets Cost Inflation Index for 1981-95 under Income-tax Act, 1961 to Adjust Capital Gains Tax</h1> The Central Government, under the authority of the Income-tax Act, 1961, has issued a notification specifying the Cost Inflation Index for the financial years from 1981-82 to 1994-95. This index is determined based on 75% of the average rise in the Consumer Price Index for urban non-manual employees. The index values start at 100 for 1981-82 and increase annually, reaching 259 for 1994-95. This index is used for calculating capital gains tax by adjusting the purchase price of assets for inflation.
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