Cost Inflation Index specified for the relevant financial year under section 48 amendment, affecting capital gains computation. The Central Government, invoking the Explanation to section 48 of the Income-tax Act, by notification S.O.510(E) dated 11-6-2001, specifies the Cost Inflation Index for the financial year commencing 1 April 2001. Having regard to seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees for the preceding year, the notification amends the earlier CBDT table by inserting a new serial entry for the 2001-2002 year with the prescribed index to be used for indexation in capital gains computation.
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Cost Inflation Index specified for the relevant financial year under section 48 amendment, affecting capital gains computation.
The Central Government, invoking the Explanation to section 48 of the Income-tax Act, by notification S.O.510(E) dated 11-6-2001, specifies the Cost Inflation Index for the financial year commencing 1 April 2001. Having regard to seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees for the preceding year, the notification amends the earlier CBDT table by inserting a new serial entry for the 2001-2002 year with the prescribed index to be used for indexation in capital gains computation.
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