IGNOU ECO 11 2017 - Define the term 'capital assets' as per Section 2(14) of the I

Question

Define the term 'capital assets' as per Section 2(14) of the Income Tax Act and state the assets that are not included therein.

14 Apr 2018

Answer :

Word Count : 303

Under Section 2(14) of the Income Tax Act, "capital assets" are defined as any property held by a taxpayer, whether or not it is connected with their business or profession, but it does not include certain specific assets. Capital assets typically include assets like land, buildings, machinery, jewelry, and investments in securities such as stocks and bonds.

However, the following assets are specifically excluded from the definition of capital assets:

1. Stock-in-trade: Any

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