1. Capital Asset: [Section 2(14)]
Property of any kind, whether or not connected with business or profession
(a) Stock in trade
(b) Personal Effects
(c) Rural Agricultural Lands in India
(d) 6 ½ % Gold Bonds 1977; 7% Gold Bonds 1980 & National Defence Gold Bonds, 1980.
(e) Special Bearer Bonds, 1991
(f) Gold Deposit Bonds issued under Gold Deposlt Scheme 1999
N.B: Items (d) and (e) instruments do not exist now; they are only for academic significance. For the above
(a) Stock in Trade means: Raw material or Consumable stores used by the assessee In his business or
(b) W.e.f. A.Y. 2008-09, Personal effect means Movable property Including wearing apparel and furniture
held for personal use by the assessee or any member of his family dependent on him but excludes:
(i) Jewellery (ii) Archaeological collections (iii) Drawings
(iv) Paintings (v) Sculptures or (vi) Any work of art.