Some of my readers are asking the question where to find the cost inflation index for income tax purpose. They can see these tables in income tax rules book. Also for their benefit , Just I am giving below the table:
| FINANCIAL YEAR |
COST INFLATION INDEX |
FINANCIAL YEAR |
COST INFLATION INDEX |
| 1981-82 | 100 | 1982-83 | 109 |
| 1983-84 | 116 | 1984-85 | 125 |
| 1985-86 | 133 | 1986-87 | 140 |
| 1987-88 | 150 | 1988-89 | 161 |
| 1989-90 | 172 | 1990-91 | 182 |
| 1991-92 | 199 | 1992-93 | 223 |
| 1993-94 | 244 | 1994-95 | 259 |
| 1995-96 | 281 | 1996-97 | 305 |
| 1997-98 | 331 | 1998-99 | 351 |
| 1999-2000 | 389 | 2000-01 | 406 |
| 2001-02 | 426 | 2002-03 | 447 |
| 2003-04 | 463 | 2004-05 | 480 |
| 2005-06 | 497 | 2006-07 | 519 |
| 2007-08 | 551 | 2008-09 | 582 |
| 2009-10 | 632 | 2010-11 | 711 |
Brainwaves & Braindumps 
I booked a flat in 2007 & received the allotment letter in 2008. It is under construction since then. Payment paid to the builder in instalments. 5% is still left and expected tobe completed by May 2013.
If I sell the property, shall I elibible for long term czpital gain. How to calculate the presemt cost through CII,if the paymentx are made 15% of property value every year and 30% in last year.
Three years should elapse from the completion date of the flat for avaiiling capital gain benefit. You should obtain the completion certificate from builder. What amount you paid periodically can be inflated according to index avaiilable for property provided by income tax dept
see my reply in the said article
I purchased a flat in oct 2003 for 19.5 lacs and sold in April 2012 for 18 lacs.
How much loss on capital gain/loss, i can claim.
Also I purchased a flat in Dec 2011 for 1.09 cr and sold it for 1.35 in april 2012. Difference is eligible for Short term capital gain.
Can I set off the loss from first transaction with the second one.
A capital loss for a particular year can be carried forward only if the income tax return for that year is filed by the due date.Long term capital loss can be set off only against a long term capital gain.
You can easily calculate capital loss by knowing difference between % of index for 2012-13 and % index 2003-04 and multiplying your original purchase cost . You will get adjusted purchase cost. You can add any capital cost incurrred for improving the flat etc and brokerage charges in your purchase cost. From the revised enhanced cost of purchase, deduct your sale price. The diffference will be capital loss if your purchase price is highter thn sale price. You can offset this loss by long term capital gain only.
Cost of index for 2011-12 is 785
Dear Venkata Ramani
In my message dated December 09, 2011 seeking certain guidance on indexation for capital gains tax please read as ‘For the transfer I have utilised the services of an Agent and I have paid a fee of….’ Also please read that the one percent of the sale consideration has been paid to the society. Thanks.
Yes. ofcourse if you have the receipts etc. to justify claims.
Thank you very much Mr. Venkata Ramani. Wish you a very happy New Year.
S.Ramachandran.
Dear Mr. Venkata Ramani
Once again I am seeking a guidance from you regarding indextion.I have sold my residential flat in India during September, 2011. The flat was pucrchased by me during 1984-85. The purchase price was paid by me in four instalments. Few payments were made during 1981-82 and 1982-83. While arriving at the indexed cost of the purchase consideration I have taken into account the specific dates of payment of instalments and calculated the indexed price accordingly. In this method I get an enhanced purchase price. Please guide me whether this is in order.I once again thank you for all the guidance you have given me in the past. S.Ramachandran.
you are right Mr.Ramachandran.
I wish you and your family a Happy New Year 2012! I wish my readers also a Happy New Year 2012!
Dear Venkata Ramani
I am non-resident residing in USA. Recently I have sold my residential apartment(during September 2011) in India. For the transfer I utilised the services of an Agent and I have a fee of Rupees one lakh. I had purchased the apartment from our Bank employees’ cooperative society and as per the society rules I have paid a sum of Rupees sixty thousand being one percent of the sales consideration. Please guide me whether I can deduct both the above two amounts from the Sale consideration while arriving at the indexed cost of acquisition and sale price for the purpose of Capital gains tax…Thanks.
Really index data are handy on net with your site.
Even the latest ones are given in subsequent articles