Section 45 ITA 1961 charges 'CAPITAL GAINS' on the transfer of:

Question

Accepted Answer

A. CAPITAL ASSETS (defined in Section 2(14)) — any property held by an assessee, whether or not connected with business, EXCEPT stock-in-trade, personal effects, agricultural land in rural areas, etc.

1. Section 45(1) Income Tax Act 1961: 'Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54 to 54H, be chargeable to income-tax under the head 'Capital gains'.'
2. Section 2(14) defines 'CAPITAL ASSET' as property of any kind held by an assessee, EXCLUDING:
3. (i) STOCK-IN-TRADE;
4. (ii) PERSONAL EFFECTS (movable property held for personal use — except jewellery, archaeological, paintings, sculptures, art works);
5. (iii) AGRICULTURAL LAND in rural areas (specific definition);
6. (iv) Specific Government bonds;
7. (v) Specified gold bonds, etc.
8. SHORT-TERM (held ≤ 36 months / 24 for property / 12 for listed securities) vs LONG-TERM capital assets.
9. Hence option B is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Sections 45 and 2(14)_

Answer

only land (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14))

Answer

only buildings (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14))

Answer

only shares (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14)) (cf. Income Tax Act 1961, Sections 45 and 2(14))