The Government of India has notified Cost Inflation Index for the financial year 2011-12 as "785". It is to be noted that cost inflation index is used for calculating indexed cost in case of Long Term Capital Gains under Income Tax Act, 1961. The relevant notification is produced herebelow:
NOTIFICATION NO. 35/2011
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 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 number S.O. 709(E), dated the 20th August, 1998, namely :—In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—
| "31 | 2011-12 | 785" |
[F. NO. 142/5/2011-TPL]
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