VIVEK JAIN (PARTNER) (41 Points)
11 January 2009Is Cash is regarded as 'Capital Asset' as per Section 2(14) of the Income Tax Act.....
If Yes then what are the taxing affacts under the income tax act and other Provisions of various acts.......
In My Opinion it is regarded as Capital Asset as it is not excluded from the defination of capital asset u/s 2(14)............. 
Sowmya P K
(Chartered Accountant)
(251 Points)
Replied 11 January 2009
| Originally posted by :VIVEK JAIN | ||
| " | Is Cash is regarded as 'Capital Asset' as per Section 2(14) of the Income Tax Act..... If Yes then what are the taxing affacts under the income tax act and other Provisions of various acts....... In My Opinion it is regarded as Capital Asset as it is not excluded from the defination of capital asset u/s 2(14)............. |
" |
Hi Vivek,
Section 2(14) says "Capital Asset means PROPERTY of any kind held by an assessee........ ..."
I dont think cash can be regarded as property. So it will not be a capital asset.
VIVEK JAIN
(PARTNER)
(41 Points)
Replied 18 January 2009
bUT i WANT ITS eXACT ANSWER, NOT THE THINKING ANSWER........
HARSHIT KABRA
(STUDENT)
(81 Points)
Replied 25 January 2009
CAclubindia
