Centre notifies cost inflation index for 2023-24

The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the Central Board of Direct Taxes (CBDT) on Tuesday.

The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery.

The increase in Cost Inflation Index for FY 2023-24 is 5.14%.

The CII number for 2022-23 was 331 and for 2021-22 it was 317. 

Also Read: US CPI Data for March: Release date, time, all you need to know

CII is notified under the Income-tax Act, 1961 annually.

It is commonly used for calculating `indexed cost of acquisition` while calculating capital gains at the time of sale of any capital asset.

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