Notification on the Cost Inflation Index (CII)

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Notification on the Cost Inflation Index (CII)

[Notification No. 39/2023/F. No.370142/5/2023-TPL]

Notification date- 12 June 2023

Applicable date– 1 April 2024

The CBDT has stated that the ‘Cost Inflation Index (CII)’ for Fiscal Year 2023-24 (Assessment Year 2024-25) will be 348, up from 331 released earlier for the previous fiscal year 2022-23. The CII is used to calculate ‘long term capital gains (LTCG)’ for income tax purposes. CBDT publishes new CII each year, with the base year 2001-02 set to 100.

Long-term capital gains from the transfer or sale of capital assets are calculated using a Cost Inflation Index table. The profit earned through the sale or transfer of any capital asset, including land, property, stocks, shares, trademarks, patents, and so on, is referred to as capital gain.

Notification link- https://incometaxindia.gov.in/communications/notification/notification-21-2023.pdf

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