Cost Inflation Index specified for the year adjusts computation of indexed cost for capital gains under tax law. The Central Government specified the Cost Inflation Index for the financial year beginning 1 April 2003 under the Explanation to section 48, using the Consumer Price Index for urban non manual employees as the basis for the inflation adjustment, and amended an earlier Ministry of Finance notification to insert the year 2003-2004 entry with the prescribed index figure for computing indexed cost in capital gains.
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 specified for the year adjusts computation of indexed cost for capital gains under tax law.
The Central Government specified the Cost Inflation Index for the financial year beginning 1 April 2003 under the Explanation to section 48, using the Consumer Price Index for urban non manual employees as the basis for the inflation adjustment, and amended an earlier Ministry of Finance notification to insert the year 2003-2004 entry with the prescribed index figure for computing indexed cost in capital gains.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
