CBDT Notifies ‘348’ as Cost Inflation Index for Financial Year 2023-24
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- By Chetan Kulasri
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- Last Updated on 14 June, 2023
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S.O. 2571(E) dated 12-06-2023
The CBDT vide Notification No. 39/2023, dated 12-06-2023, has notified ‘348’ as the Cost Inflation Index (CII) for the Financial Year 2023-24. If a long-term capital asset is transferred, the capital gain is computed after deducting the indexed cost of acquisition/improvement instead of just the cost of acquisition/improvement. Such indexation is determined based on the Cost Inflation Index. CII is applied in order to mitigate the impact of inflation.
This CII shall be used to compute long-term capital gains or losses on the capital assets which have been or are planned to be sold during the financial Year 2023-24.
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