Cost Inflation Index specified to determine indexed cost under section 48, providing annual index values for past financial years. Central Government, under clause (v) of the Explanation to section 48 of the Income-tax Act, specifies the Cost Inflation Index for financial years 1981-82 to 1994-95 to permit computation of indexed cost for capital gains. The notification bases the indices on the rise in the Consumer Price Index for urban non-manual employees and lists year-wise index values beginning at 100 for 1981-82 and culminating at 259 for 1994-95.
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Provisions expressly mentioned in the judgment/order text.
Cost Inflation Index specified to determine indexed cost under section 48, providing annual index values for past financial years.
Central Government, under clause (v) of the Explanation to section 48 of the Income-tax Act, specifies the Cost Inflation Index for financial years 1981-82 to 1994-95 to permit computation of indexed cost for capital gains. The notification bases the indices on the rise in the Consumer Price Index for urban non-manual employees and lists year-wise index values beginning at 100 for 1981-82 and culminating at 259 for 1994-95.
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