15/02/2019
Meaning of capital asset (Sec 2(14 )) :-
“Capital asset" is defined to include property of any kind, whether fixed or circulating, movable immovable, tangible or intangible.
1. Positive list :- It includes the following :-
1."Property includes any rights in or in relation to an Indian company, including rights of management control or any other rights whatsoever.
2 Property of any kind held by an assessee (whether or not connected with his business or profession)
3. Any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the SEBI Act (applicable with effect from assessment year 2015-16
2. Negative list :- The following assets are excluded from the definition of “capital assets"
a. any stock-in trade [other than securities mentioned in 3 (supra)], consumable stores or raw material held for the purpose of business or profession;
b. personal effects of the assessee, that is to say, movable property including wearing apparel and furniture held for his personal use or for the use of any member of his family dependent upon him (jewellery archaeological collections, drawings, paintings, sculptures; or any work of art are treated as capital asset even though it is meant for personal use of the assessee);
c. agricultural land in rural area in India
d. 6.5 per cent Gold Bonds or 7 per cent Gold Bonds, 1980 or National Defence Gold Bonds, issued by the Central Government
e.Special Bearer Bonds, 1991; and
f.Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or ( with effect from the assessment year 2016-17)deposit certificates Issued under the Gold Monetisation Scheme, 2015.
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