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Friday, March 09, 2012

Direct Tax Law 2010 (Solved)

Capital asset means [Sec. 2(14)]-
Property of any kind held by the assessee, whether or not connected with his business or profession, but does not include:
                  a)            any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession as these will be taxed under the head "profits and gains of business or profession";
                  b)            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. However, the following assets shall not be treated as personal effects though these assets are moveable and may be held for personal use:
i.         jewellery;
ii.       archaeological collections;
iii.      drawings;
iv.     paintings;
v.       sculptures; or
vi.     any work of art.
                   c)            Agricultural land in India, which is not an urban agricultural land. In other words, it must be a rural agricultural land;