Cost Inflation Index For Fy 2024-24. It is designed to account for the impact of inflation on the cost of acquiring an asset, allowing for an adjusted purchase price for tax purposes. The income tax department notifies cost inflation index number for every financial year.

The cii is used for calculating ‘long term capital gains (ltcg)’ under income tax. According to the notification dated april 10, 2023, the cii number for the current fiscal year is 348.