03-20-2010, 07:32 PM
âcapital assetâ means property of any kind held by a person, whether or not connected with a business, but does not include â
(a) any stock-in-trade (not being stocks and shares), consumable stores or raw materials held for the purpose of business.
(b) any property with respect to which the person is entitled to a depreciation deduction under section 22 or amortisation deduction under section 24;
(c) any immovable property.
(d) any movable property excluding capital assets specified in sub-section (5) of section 38]held for personal use by the person or any member of the personâs family dependent on the person.
(a) any stock-in-trade (not being stocks and shares), consumable stores or raw materials held for the purpose of business.
(b) any property with respect to which the person is entitled to a depreciation deduction under section 22 or amortisation deduction under section 24;
(c) any immovable property.
(d) any movable property excluding capital assets specified in sub-section (5) of section 38]held for personal use by the person or any member of the personâs family dependent on the person.
