Explain CAPITAL ASSET of the Income Tax Act
As defined in section 2(14) of the Income Tax Act, it means property of any kind held by the assessee except:
(a) Stock in trade, consumable stores or raw materials held for the purpose of business or profession.
(b) Personal effects, being moveable property (excluding Jewellery, archaeological collections, drawings, paintings, sculptures or any other work of art) held for personal use.
(c) Agricultural land, except land situated within or in area upto 8 kms, from a municipality, municipal corporation, notified area committee, town committee or a cantonment board with population of at least 10,000.
(d) Six and half percent Gold Bonds, National Defence Gold Bonds and Special Bearer Bonds.