banner_ad

Cost inflation index for fy 2011-12

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 December 2011 Dear Sir,

Please give me following informations :

(1)Provide me Cost Inflation Index for FY 2011-12 to count Long Term Capital Gain Tax.

(2) On 24.12.2010, I invested 50 lacs for 369 days in Reliance's Fixed Maturity Plan (FMP) @ 9.60% int. p.a. Now, it will mature on 26.12.2012. I will receive interest of Rs.485000/- (approx). I am in 30% Tax Slab. Now, Should I go for 10% LTCG on this Income OR Cost Inflation Index ? Which will save my more tax ? PL. GIVE ME CALCULATION OF LTCG IN BOTH THE CASES.

Thanks in advance.
anckoora
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
03 December 2011 Cost inflation index for fin. yr.2011-12 is 785 vide CBDT Notification 35/2011 dated 23/06/2011.
Profile Image

anckoora

Profile Image

anckoora (Querist)
03 December 2011 Dear Sir,

thanks for reply, but,

please answer my point no. 2

regards

anckoora
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
04 December 2011 In my view, the interest received by you will be taxable.
.

You can not apply Section 112A proviso as the fund is a debt oriented fund.

You can apply 10% LTCG rate only on equity oriented mutual funds.
.

This may be of the nature of bond or debenture and by the virtue of third proviso to Section 48 , indexation is not allowed on such securities.

However, You may refer the Plan Details in the brochures and if indexation is permitted tax rate applicable will be 20% on such LTCG.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details