What term of 'capital asset' shall be excluded for capital gain

  • Home
  • What term of 'capital asset' shall be excluded for capital gain

What term of 'capital asset' shall be excluded for capital gain

A) Stock-in-trade, consumable stores, raw materials held for the purpose of business or profession:

B) Movable property held for personal use of taxpayer or for any member of his family dependent upon him. However, jewellery, costly stones, and ornaments made of silver, gold, platinum or any other precious metal, archaeological collections, drawings, paintings, sculptures or any work of art shall be considered as capital asset even if used for personal purposes;

C) Specified Gold Bonds and Special Bearer Bonds;

D) Agricultural Land in India, not being a land situated:

A. Within jurisdiction of municipality, notified area committee, town area committee cantonment board and which has a population not less than 10,000;
B. Within range of following distance measured aerially from the local limilis of any municipality or cantonment board:

  • I. Not being more than 2 kms, if population of such area is more than 10,000 but not exceeding 1 lakh;
  • II. Not being more than 6 kms, if population of such area is more than 1 lakh but not exceeding 10 lakhs: or
  • III. Not being more than 8 kms, if population of such area is more than 10 lakhs

E) Deposit certificates issued under the Gold Monetisation Scheme, 2015 In respect of capital gains, certain deductions are made available to assessee if he satisfies the conditions mentioned in the relevant sections for this purpose.

The balance amount, which is remaining after claiming the deductions, Will be the amount of taxable capital gain under Section 54

Quick Contact

Name

Email

Mobile

Message

Articles

Need Of Consideration of Environmental Factors In Valuation

Valuation as it is a Simple art but to Make real valuation – requires a Great...

Read More...

Modern Technique For Land Valuation For Master Plan Of A City

City Planning is a Continuous process; responding to multifarious developments...

Read More...

Our Customers