What is the basis for the calculation of Cost Inflation Index by RBI?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Pinky asked over 3 years ago

What is the basis for the calculation of Cost Inflation Index by RBI?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 3 years ago

Cost Inflation Index is notified by Central Board of Direct Taxes (under Income Tax Department) for a particular year after taking into account the inflation for previous year. Cost Inflation Index was started in 1981-82 (benchmark year) for which value is assigned as 100. Cost Inflation Index (CII) or Capital Gain Index is calculated by taking into account 75% of average increase in Consumer Price Index (CPI) for urban non-manual employees for the immediately preceding previous year.

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