Capital gain

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CA vikash agrawal

CA vikash agrawal (Querist)
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29 May 2015 Whether silver Coin is considered as Capital Assets for the Calculation of Capital Gain???

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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29 May 2015 According to the definition of capital Assets, "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include—

(i) any stock-in-trade], consumable stores or raw materials held for the purposes of his business or profession ;

[(ii) 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, but excludes—

(a) jewellery;

(b) archaeological collections;

(c) drawings;

(d) paintings;

(e) sculptures; or

(f) any work of art.

[Explanation.]—For the purposes of this sub-clause, "jewellery" includes—

(a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel;

So, in my opinion, Gold coins may be treated as personal effect, which can be an exclusion from the definition.

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