Cost Inflation Index for FY 2023-24 notified by CBDT as 348. Read Notification for CII

Cost Inflation Index FY 2023-24 is 348 as notified by CBDT. Up-to-date Cost Inflation Index Table / chart from FY 2001-02 to FY 2023-24

Cost Inflation Index of 348 notified for FY 2023-24 

What is Cost Inflation Index?

Cost Inflation index is used to calculate indexed cost of the asset for calculation of Long Term Capital Gains. Cost Inflation Index has been defined in section 48 of the Income Tax Act 1961 as the Index which the Central Government may notify from time to time having regard to seventy five percent of average risk in the Consumer Price Index.  

What is Base Year for Cost Inflation Index?

From Assessment Year 2018-19, the base year of the CII has been raised to 2001 from 1981. Now, cost of acquisition of an asset acquired before 01.04.2001 is allowed to be taken as fair market value as on 1st April, 2001 and the cost of improvement shall include only those capital expenses which are incurred after 01.04.2001. 

How to calculate Cost Inflation Index?

Income Tax Department hosts an online utility to display the Cost Inflation Index for the year of acquisition and year of sale. 

CBDT notified 348 as cost inflation index for financial year 2023-24 vide Notification No. 21/2023

Up-to-date Cost Inflation Index Chart / Table

Up-to-date Cost Inflation Indexation Chart / Table from FY 2001-02 to FY 2023-24

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