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What is a Capital Asset
(As per Section 2(14) of Income Tax Act)
Any Gain or profit on sale of a Capital Asset is capital gain and should be charged to Income Tax

So it becomes important to understand the term capital asset.. Profit / gain on sale of assets which are not capital assets are not taxable.
Following are different assets defined as capital assets in the Income Tax Act:
  • House Property, Shares and Mutual Funds are most commonly held and known Capital Assets
  • Jewellery even though purchased for personal use is a Capital Asset.
  • Gold ETF is a Capital Asset.
  • Personal belongings like Furniture and Vehicles are not capital assets and there is no tax on profit on sale of these items.
  • Agricultural land in rural area is not a capital asset and hence profit on sale of agricultural land is not a capital gain & so not taxable.
  • Stock in trade, consumables or raw material used in business/profession
Some other Links:

What will be status of a person born on 1st April? Will he/she be treated as senior Citizen for particular Assessment Year?

Read in detail the applicable Tax Rates

Deduction for Medical Insurance Premium u/s 80D

Deduction u/s 80DDB for expenditure on specified desease for senior citizens

₹ 50000 as deduction of interest from deposits u/ 80TTB for Senior Citizens

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