Cost Inflation Index is very important index as it helps you to compute the indexed cost for the purpose of computing capital gains. Therefore, if you sell any long term asset in FY 2010-11 , you will require to compute the indexed cost for the purpose computing capital gains in FY 2010-1

Archived; click post to view. Excerpt: Our widowed mother died intestate 30 years ago leaving house-property still standing in her name, not transferred to children. successors are four children; now want to sell the property and divide proceeds among themselves. Please advise whether the proceeds will attract capital gains tax or any exemption available to [...]