Cii of fy 2014-15

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WebFeb 19, 2024 · Example - Mr. Raj has purchased the property in FY 2007-08 for Rs.45 lakh and sold the same in FY 2024-18 at Rs.2 crore. Now the indexed cost of acquisition will be as per above formula i.e. Purchase Cost of the Asset X CII for the year in which the asset is sold. CII for the year in which the asset was first held by the assessee OR F.Y 2001-02 … WebJul 29, 2015 · The Cost Inflation Index (CII) for the Financial Year 2015-16 (applicable for the Assessment Year 2016-17) has been announced by CBDT (Central Board of Direct Taxes) at 1081. This Cost Inflation is required to calculate Long Term Capital Gain under Income Tax Act. For the Finacial Year 2014-15, CII was 1024 which was an absolute hike

Cost Inflation Index FY 2024-21 / AY 2024-22 - ReLakhs.com

WebCost Inflation Index or CII is used for calculating an estimated yearly increase in an asset’s price as a result of inflation. ... 2014-15. 1024. 2015-16. 1081. 2016-17. 1125. New CII Table; 2009-10. 148. 2010-11. 167. 2011-12. 184. ... The new CII is crucial for assessees to calculate their long term capital gains in accordance with the ... WebJun 11, 2014 · Notification No. 31/2014-Income Tax S.O. 1498(E)- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income Tax Act, 1961 (42 … how to spot fake reviews

CII INdex: Cost inflation index for FY 2024-23 used for LTCG ...

WebJul 11, 2014 · CA Sandeep Kanoi Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2015-16 / Financial Year 2014-15 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. (i) The rates of income-tax as … WebOct 23, 2024 · It’s likely that investors in the property will stand to gain in most of the cases with shifting of the base year for the purpose of indexation. CBDT has notified the Cost Inflation Index (CII) for Financial … WebJun 15, 2024 · The Central Board of Direct Taxes (CBDT) notified the cost inflation index for FY 2024-23 via a notification dated June 14, 2024.The Cost Inflation Index for FY 2024 … how to spot fake thrasher t shirt

Cost Inflation Index (CII) - Finance Friend

Complete Understanding Of Cost Inflation Index (CII) - Tax2win

WebNov 25, 2014 · Gain: gain is long term because asset is held for more than 36 months. So we can use index table. Capital gain = sale value less indexed cost of acquisition. sale … WebSep 13, 2024 · CII number for purchase year (2014-15) was 240. CII during sale year (2024-20) is 289. As again, your Long term capital gains would come down to Rs. 59,167 (Rs … how to spot fake solar eclipse glassesWebJul 1, 2024 · He sells the same in FY 2014-15 for INR 1,30,00,000. The FMV of the property on 1st April 2001 was INR 50,00,000. Calculate the Capital Gain. ... CII for 2014-15 = … how to spot fake social security card

"WebJun 13, 2024 · Indexed cost is the amount so calculated after taking into consideration the effect of Cost Inflation Index on the value of an asset as done above. Indexed cost can … " - Cii of fy 2014-15

Cii of fy 2014-15

INDIA: Retrospective Effect from FY 2014-15 of Payment of

WebJul 16, 2024 · Cost Inflation Index Historical Data. Published on July 16, 2024 / By M. Pattabiraman Twitter: @pattufreefincal. Published: July 16, 2024 at 3:26 pm. Last Updated on June 19, 2024. The cost inflation index in India is currently published with 2001-02 as the base year. It was earlier published with 1981-82 as the base year. WebApr 12, 2024 · Posted Date : 12-Apr-2024 , 06:20:15 am Posted By CASANSAAR. The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2024-24. As per the notification dated April 10, 2024, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital …

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WebJun 13, 2024 · The Cost Inflation Index (CII) for FY 2024-21 will come into force with effect from April 1, 2024, and will accordingly apply to the assessment year 2024-22 and subsequent years. Take a look at all the … WebOct 18, 2012 · Cost Inflation Index (CII) 2014-15. ... The investor redeemed the investment in financial year in 2010-11, for which the cost inflation index is 711. The capital gains is Rs. 110,000 minus Rs. 100,000 i.e. Rs. 10,000. The holding period is 367 days, which is more than 1 year. Therefore, it is a long term capital gain.

WebAug 21, 2024 · CII Index / Cost Inflation Index Base Year 2001-02. This notification of CII Index shall come into force with effect from 1 st day of April, 2024 and shall accordingly … WebJul 3, 2024 · CII number for purchase year (2014-15) was 240. CII during sale year (2024-21) is 301. As again, your Long term capital gains would come down to Rs. 49,167 (Rs 3,00,000- Rs.2,50,833), you will be taxed 20% of this amount (as compared to Rs 1,00,000 without indexation) which will again, greatly reduce your tax obligations.

WebJun 13, 2024 · Indexed cost is the amount so calculated after taking into consideration the effect of Cost Inflation Index on the value of an asset as done above. Indexed cost can be calculated for the purpose of capital gains on the sale of property under the Income Tax Act for. Cost of Acquisition is the inflated purchase price and cost of the improvement ... WebJun 16, 2024 · Budget 2024 has changed the base year for cost inflation index (CII) for calculating capital gains from 1981-82 to 2001-02. This would in most cases be beneficial for tax payers. The table below shows the Cost Inflation Index Table from FY 2001-02 to present financial year.

WebJun 15, 2016 · Cost Inflation Index (CII) As per provisions of Income Tax Act, for the purpose of Long term capital gains, Indexed cost of acquisition and indexed cost of improvement are deducted from Sale value consideration. Cost Inflation index in relation to previous year means, such index as the Central Government may, with reference to 75% …

WebJun 27, 2024 · CII number for purchase year (2014-15) was 240. CII during sale year (FY 2024-22) is 317. As again, your Long term capital gains would come down to Rs. 35,833 … how to spot fake ss cardWebApr 11, 2024 · The Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary Notification No. 62 /2024/F. No. 370142/20/2024-TPL … reach clarenvilleWebSep 12, 2024 · Financial Year 2014-15: CII Number is 240; Financial Year 2015-16: CII Number is 254; Financial Year 2016-17: CII Number is 264; Financial Year 2024-18: CII … reach city centreWebFormula to calculate Indexed price: Indexed Price = Original Purchase Price * (CII of Year of Sale/ CII of Year of Purchase) Example. If Mr. A had purchased 10,000 units of Debt mutual fund at Rs 20 in the Financial Year 2014-15 and then sold these at Rs 32 in the Financial Year 2024-19, let us see the long-term capital gains with indexation ... how to spot fake stamps ukWebOct 27, 2024 · It’s likely that investors in property will stand to gain in most of the cases with shifting of the base year for the purpose of indexation. CBDT has notified the Cost … how to spot fake tiffanyWebJan 27, 2024 · The Critical Infrastructure Information Act of 2002 (CII Act) seeks to facilitate greater sharing of critical infrastructure information among the owners and operators of … reach classificationWebDec 17, 2024 · (CII for the year of sale or transfer of the asset x Cost of improvement of the asset) / CII for the first year of the holding period of the asset or year 2001-02, whichever comes later. Let us understand this with an example: Mr. X purchased a capital asset in FY 1998-99 for Rs. 10,00,000. how to spot fake silver coins