Cost Inflation Index updated, altering indexation basis for capital gains computation under the relevant income tax provision. Specification of the Cost Inflation Index for the financial year commencing 1 April 2007 and ending 31 March 2008 is made under the Explanation to Section 48 of the Income-tax Act, 1961, based on seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees, and the notification amends the prior table of indices to insert the entry for that year for use in computing indexed cost of acquisition for capital gains purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Cost Inflation Index updated, altering indexation basis for capital gains computation under the relevant income tax provision.
Specification of the Cost Inflation Index for the financial year commencing 1 April 2007 and ending 31 March 2008 is made under the Explanation to Section 48 of the Income-tax Act, 1961, based on seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees, and the notification amends the prior table of indices to insert the entry for that year for use in computing indexed cost of acquisition for capital gains purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
