Cost Inflation Index adjusted under income-tax rules, establishing a revised index for the relevant financial year to index capital gains. Specification of the Cost Inflation Index for the financial year commencing 1 April 2006 is effected under the Explanation to the Income-tax Act by applying seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees for the preceding year, and the notification amends the Central Board of Direct Taxes table by inserting a new serial entry for the 2006-2007 financial year with the specified index value for use in indexation of capital gains.
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Cost Inflation Index adjusted under income-tax rules, establishing a revised index for the relevant financial year to index capital gains.
Specification of the Cost Inflation Index for the financial year commencing 1 April 2006 is effected under the Explanation to the Income-tax Act by applying seventy-five per cent of the average rise in the Consumer Price Index for urban non-manual employees for the preceding year, and the notification amends the Central Board of Direct Taxes table by inserting a new serial entry for the 2006-2007 financial year with the specified index value for use in indexation of capital gains.
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