What Is The Meaning Of Capital Asset?
Capital asset is defined to include: a) Any kind of property held by an assesse, whether or not connected with business or profession of the assesse. b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992. However, the following items are excluded from the definition of "capital asset": Any stock-in-trade, consumable stores, or raw materials held by a person for the purpose of his business or profession.
