Income Tax Department Sets Cost Inflation Index (CII) for FY 2024-25 at 363
| Aspect | Details |
|---|---|
| CII for FY 2024-25 | 363 |
| Purpose | Adjusts for inflation in calculating long-term capital gains. |
| Governing Body | Central Board of Direct Taxes (CBDT) |
| Legal Basis | Income-tax Act, 1961 |
| Relevance | Used for computing long-term capital gains on sale of assets. |
| Assets Covered | Immovable property, securities, jewellery, and other capital assets. |
| Benefit to Taxpayers | Reduces tax liability by accounting for inflation in asset appreciation. |
| Application | Particularly applicable to assets held for more than 36 months. |