Government notifies the COST INFLATION INDEX FOR 2007 -08
As per Section 48 of the Income Tax Act, for calculating capital gains, indexed cost of acquisition is to be deducted from the sale consideration to arrive at the taxable gains. And the Government is to notify a cost inflation index (CII). The government has now notified 551 as the cost inflation index for 2007-08.
Want to know the indices for the previous years? Here they are.
Sr.No | Financial Year | CII | Sr.No | Financial Year | CII | Sr.No | Financial Year | CII |
|---|---|---|---|---|---|---|---|---|
1 | 1981-82 | 100 | 10 | 1990-91 | 182 | 19 | 1999-00 | 389 |
2 | 1982-83 | 109 | 11 | 1991-92 | 199 | 20 | 2000-01 | 406 |
3 | 1983-84 | 116 | 12 | 1992-93 | 223 | 21 | 2001-02 | 426 |
4 | 1984-85 | 125 | 13 | 1993-94 | 244 | 22 | 2002-03 | 447 |
5 | 1985-86 | 133 | 14 | 1994-95 | 259 | 23 | 2003-04 | 463 |
6 | 1986-87 | 140 | 15 | 1995-96 | 281 | 24 | 2004-05 | 480 |
7 | 1987-88 | 150 | 16 | 1996-97 | 305 | 25 | 2005- 06 | 497 |
8 | 1988-89 | 161 | 17 | 1997-98 | 331 | 26 | 2006-07 | 519 |
9 | 1989-90 | 172 | 18 | 1998-99 | 351 | 27 | 2007-08 | 551 |
Income Tax Notification NO. , Dated: August 3, 2007