Section 2(14) - DEFINITION OF 'CAPITAL ASSET'
Section 2(14) - DEFINITION OF 'CAPITAL ASSET'
GENERAL MEANING: Capital asset Means property of any kind held by an assessee, whether or not connected with his business or profession (such property con be movable, immovable, tangible, intangible etc).
EXCLUSIONS: Following items NOT be treated as capital assets:
Any stock-in-trade, consumable stores or raw materials held by an assessee for the purposes of his business or profession.
2. PERSONAL EFFECTS:
Personal effects refer to movable property held for the personal use of the assessee or any member of his family dependent on him.
Examples: Personal motor car, household furniture, electronic appliances meant for personal use, etc. However, the following assets shall not be treated as personal effects evert though these assets are movable and are held by the assessee for personal use
• Jewellery and bullion (jewellery includes ornaments of gold, silver, platinum or any other precious metal; precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel);
• archaeological collections (relating to past/ancient times);
• drawings & paintings;
• sculptures; or
• any work of art.
Note: if items likes motor car, electronic appliances, etc are held for business purposes, they are treated as capital assets.
Note: Silver utensils like thalis, katoris, tumblers, etc held for personal use were held to be personal effects. Thus, no capital gains would arise on sale of such silver utensils v CTT).
Note: Sale of silver coins, gold coins, silver bars, gold utensils, etc used for the purposes of Mahalaxmi Pooja and other festivals was held to be liable to capital gains as such asset did not qualify as personal effects (SC's judgement in the case of Maharaja Rana Hemant Singh v CIT).
3. RURAL AGRICULTURAL LAND IN INDIA:
• Agricultural land outside India: Always a capital asset whether situated in rural area or urban area.
• Agricultural land in India: Capital asset only if situated in urban area. If situated in rural area, such agricultural land shall not qualify as a capital asset.
Meaning of 'Urban Area'
The following two points define the scope of 'Urban area':
(i) any area situated within the local limits of a municipality/cantonment board having a population of 10,000 or more;
(ii) any additional area beyond the local limits of the above mentioned municipality/cantonment board to the extent provided in the table given below
Population of the area as per tie latest census published before the commencement of relevant PY
Shortest aerial distance from the loco, limits of the municipality/cantonment
> 10,000 and < 1,00,000
> 1,00,000 and < 10,00,000
4. Gold Deposit Bonds issued under the Gold be sit Scheme 1999 or issued under the Gold Monetisation Scheme, 2015 notified b the Central Government.
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