Table of Contents
- 1 How do I find my CII?
- 2 What is the CII for the year 2020-21?
- 3 How do you calculate the cost inflation index for FY 2020-21?
- 4 What is the meaning of CII?
- 5 How do I calculate capital gains on sale of land?
- 6 What is the most commonly used index number?
- 7 How do you calculate the cost inflation index for FY 2021 22?
- 8 What is the formula for calculation of indexed cost of improvement?
- 9 How can I find out if my CII marks are correct?
- 10 Can you become a member of the CII?
- 11 Can a CII member use a designatory letter?
How do I find my CII?
The Central Government specifies the cost inflation index by notifying in the official gazette. Cost Inflation Index = 75% of the average rise in the Consumer Price Index* (urban) for the immediately preceding year.
What is the CII for the year 2020-21?
301
The Central Board of Direct Taxes (CBDT) notified the cost inflation index (CII) for FY 2021-22 as 317 via a notification dated June 15, 2021. For the previous year, i.e., FY 2020-21, CII was notified as 301….
| Financial Year | CII Number |
|---|---|
| 2021-22 | 317 |
| 2020-21 | 301 |
| 2019-20 | 289 |
| 2018-19 | 280 |
How do I find the index value of a property?
To derive the indexed cost, the seller needs to multiply the property’s cost of acquisition with the cost inflation index, as notified by the tax authorities for the year of transfer. This figure then has to be divided by the cost inflation index of the year of purchase.
How do you calculate the cost inflation index for FY 2020-21?
CBDT has notified the ‘Cost Inflation Index (CII)’ for FY 2021-22/ AY 2022-23 at 317 for determining ‘long term capital gains (LTCG)’ under Income Tax….Cost Inflation Index notified by CBDT: FY 2021-22.
| SI. No. | Financial Year (FY) | Cost Inflation Index (CII) |
|---|---|---|
| 18 | 2018-19 | 280 |
| 19 | 2019-20 | 289 |
| 20 | 2020-21 | 301 |
| 21 | 2021-22 | 317 |
What is the meaning of CII?
The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the growth of industry in India, partnering industry and government alike through advisory and consultative processes.
How do I calculate capital gains on sale of property?
In case of short-term capital gain, capital gain = final sale price – (the cost of acquisition + house improvement cost + transfer cost). In case of long-term capital gain, capital gain = final sale price – (transfer cost + indexed acquisition cost + indexed house improvement cost).
How do I calculate capital gains on sale of land?
LTCG = Sale price – Indexed cost. 3000000 – 2130000= 870000. The tax on LTCG is 20%. In this situation, the tax will be 20% of 8,70,000.
What is the most commonly used index number?
Price Index Number is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is the most commonly used index number.
How do you calculate index in Excel?
#1 How to Use the INDEX Formula
- Type “=INDEX(” and select the area of the table, then add a comma.
- Type the row number for Kevin, which is “4,” and add a comma.
- Type the column number for Height, which is “2,” and close the bracket.
- The result is “5.8.”
How do you calculate the cost inflation index for FY 2021 22?
Thus, for the purpose of calculating long-term capital gains indexed cost is to be calculated instead of the original cost, and this concept is known as indexation.
What is the formula for calculation of indexed cost of improvement?
Indexed cost of improvement = cost of improvement x cost inflation index of the year of transfer/cost inflation index of the year of improvement.
Is CII a trust?
Towards the above objectives, the following activities are being pursued by the Trust: Apply for and obtain all approvals, concessions, permissions, exemptions and other benefits from government or other authorities under applicable laws to beneficially conduct the activities of the Trust.
How can I find out if my CII marks are correct?
Please contact Customer Service for full details. The CII has a very strict system to check that all the pages of your exam answer book are accounted for, properly marked and the marks totalled correctly.
Can you become a member of the CII?
No, entry to CII qualifications is open to anyone. However, by becoming a member you will receive discounts on your study materials, revision aids and exam entry and gain access to a wealth of information that supports you in both your career and your studies as you work towards a CII qualification. How do I change my membership level?
How are examiners selected for the CII exam?
The CII has a very strict system to check that all the pages of your exam answer book are accounted for, properly marked and the marks totalled correctly. Examiners are selected for their relevant and up to date knowledge and experience and have been specifically trained to mark exam papers in accordance with carefully laid down criteria.
Can a CII member use a designatory letter?
Members holding a CII qualification are eligible to use designatory letters and, where applicable (on meeting specific criteria), a CII Chartered title. To find out more and to determine which membership level is right for you visit the new CII Group shop.