I purchased a flat in June,1999 and sold it in June, 2018. Since the base year for indexation for capital gains has changed to 2000-2001 instead of earlier base year. Kindly intimate what will be the indexation and as an example suppose the purchase price was Rs100000.00 and sale price Rs.500000.00 what will be the capital gains and what will be the index number for calculating capital gains.
Using the below formula, you can calculate the capital gain tax.
Indexed Cost of Acquisition=(Cost of Acquisition/Cost of Inflation Index (CII) for the year in which the asset was first held by the assessee OR FY 2001-02, whichever is later)* Cost of the Inflation Index (CII) for the year in which the asset was sold or transferred.
Regarding the latest CII, refer my post “Cost of Inflation Index for FY 2018-19 / AY 2019-20 for Capital Gain“.