Cost inflation index for the financial year 2014-15 is notified by income tax department. Cost inflation index is very useful to calculate long term capital gains as it saves a lot of amount of tax. Every year income tax department notifies Cost inflation index CII. Income tax department issued notification no. 31 dated 11 June 2014 to issued CII. Full notification and cost inflation index for the last 34 years are as follows.
S.O.1498(E) In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O.709(E), dated the20th
August,1998, namely:-
2.In the said notification, in the Table, after serial number 33 and the entries relating the following serial number and entries shall be inserted, namely:
S. no. Financial year Cost Inflation Index (CII)
34 2014-15 1024
|
Financial Year
|
Cost Inflation index(CII)
|
|
2014-15
|
1024
|
|
2013-14
|
939
|
|
2012-13
|
852
|
|
2011-12
|
785
|
|
2010-11
|
711
|
|
2009-10
|
632
|
|
2008-09
|
582
|
|
2007-08
|
551
|
|
2006-07
|
519
|
|
2005-06
|
497
|
|
2004-05
|
480
|
|
2003-04
|
463
|
|
2002-03
|
447
|
|
2001-02
|
426
|
|
2000-01
|
406
|
|
1999-2000
|
389
|
|
1998-99
|
351
|
|
1997-98
|
331
|
|
1996-97
|
305
|
|
1995-96
|
281
|
|
1994-95
|
259
|
|
1993-94
|
244
|
|
1992-93
|
223
|
|
1991-92
|
199
|
|
1990-91
|
182
|
|
1989-90
|
172
|
|
1988-89
|
161
|
|
1987-88
|
150
|
|
1986-87
|
140
|
|
1985-86
|
133
|
|
1984-85
|
125
|
|
1983-84
|
116
|
|
1982-83
|
109
|
|
1981-82
|
100
|
