IN CAPITAL GAIN -
QUESTION - IF A KING HAVE A GLASSES OF GOLD AND AND SHOES OF GOLD.
THEN WHAT WILL BE INCLUDE IN CAPITAL ASSETS IN CASE OF TRANSFER ?
1 Replies
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 30 March 2010
Any kind of property (movable, immovable, tangible, intangible) held by an assessee, whether or not connected with his business or profession, is nothing but a "Capital Asset".
The following assets are excluded from the definition of capital Asset:-
- Stock-in-trade, consumable stores, raw materials held for the purpose of business/profession
- Items of personal effects, that is, personal use excluding jewellery, costly stones, silver, and gold
- Agricultural land in India
- Specified Gold Bonds and special Bearer Bonds
- Gold Deposit Bonds
Hope ur doubt will be cleared.
Keep smiling....
regards,
ratan
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