How Cost Inflation Index Saves You Tax?

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Suppose you sell a plot of land for Rs 10lacs in Fy 2006-07 and cost of which was 1 Lac. The plot of land was purchased in 1985-86. Therefore, in your return of income you will have to show the capital gains tax .What is the capital gains? Is it Rs 9(10lacs-1lacs).No, the I T…

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