What are Capital Assets?
Capital Assets can be:
1. Any asset being movable or immovable, tangible or intangible held personally or professionally by an assessee;
2. Any securities held by Foreign Institutional Investors who have invested in such securities in accordance with the regulations made under the SEBI Act, 1992.,
but does not include:
- Stock-in-trade and raw materials held by businesses and professionals.
- Personal movable assets like jewelry (gold, silver, platinum, precious stones, or any other precious metal), paintings, sculptures, and archaeological collections.
- Rural agricultural land in India. (Condition applied)
- 6.5% Gold Bonds, 1977, 7% Gold Bonds 1980, National Defense Gold Bond, 1980.
- Special Bearer Bonds 1991.
- Gold Deposit Bond issued under Gold Deposit Scheme 1999.
- Deposit certificates issued under the Gold Monetisation Scheme, 2015.
Note: Capital Gains for the purpose of taxation are deemed to be the income of the previous year in which the transfer took place.
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