If you own assets such as real estate, jewellery or bullion, which were bought before 2001, and are planning to sell them, then chances are your tax liability on gains you would make by selling them, will most likely come down significantly. The finance minister in Union Budget 2017 has proposed to move the Cost Inflation Index (CII) base year from 1981 to 2001. We know that this will bring down the long-term capital gain (LTCG) tax liability for sellers, on assets that were acquired before 2001. Here we explain how that would happen.