'Capital asset' under Section 2(14) does NOT include:
AShares
BLand or building
CStock-in-trade
DPersonal jewellery
Answer & Solution
Correct answer: C. Stock-in-trade
1. Section 2(14) defines 'capital asset' as property of any kind held by an assessee with specified exclusions.
2. Stock-in-trade, raw materials held for business are NOT capital assets.
3. Personal effects excluded but jewellery, archaeological collections, drawings, paintings ARE capital assets.
_Source: ICAI BoS CA Final Paper 7, Ch 4 "Capital Gains"_
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