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Capital Asset definition

Capital Asset definition

(1) Definition: According to section 2(14), a capital asset means –

(a) property of any kind held by an assessee, whether or not connected with his business or profession;

(b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the SEBI regulations.

However, it does not include—

(i) any stock-in-trade [other than securities referred to in (b) above], consumable stores or raw materials held for the purpose of the business or profession of the assessee;(ii) personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes –

(a) jewellery;

(b) archaeological collections;

(c) drawings;

(d) paintings;

(e) sculptures; or

(f) any work of art.

(iii) Rural agricultural land in India i.e., agricultural land in India which is not situated in any specified area.

(iv) 61⁄2% Gold Bonds, 1977, or 7% Gold Bonds, 1980, or National Defence Gold Bonds, 1980, issued by the Central Government;

(v) Special Bearer Bonds, 1991 issued by the Central Government;

(vi) Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government.

Note – ‘Property’ includes and shall be deemed to have always included any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever.

(2) Rural Agricultural Lands – We can note from the above definition that only rural agricultural lands in India are excluded from the purview of the term ‘capital asset’.

(3) Other capital assets – It is not possible to enumerate the forms which a capital asset can take. Goodwill, leasehold rights, a partner’s right or share in the firm, a manufacturing licence and the right to subscribe for share of a company etc. are all examples of capital asset.

(4) Jewellery – As noted above, jewellery is treated as capital asset and the profits or gains arising from the transfer of jewellery held for personal use are chargeable to tax under the head “capital gains”.

Capital Asset definition

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