Exception of capital assets

Exception of capital assets

1.                         Assets which fulfill the definition of capital asstes given by Income tax even then these assets are not in... 4:54 AM

1.                        Assets which fulfill the definition of capital asstes given by Income tax even then these assets are not included or in other words it is exempted.

2.                        Any Stock in trade are held for the purpose of business or profession it is exempted. It is taxable under Business or Profession.

3.                        Any Stores are held for the purpose of of business or profession it is exempted under Capital Gain head. It is taxable under Business or Profession.

4.                        Assets of personal use other than Gold, Silver diamond jewellery, platinum or any other precious ornaments will not come under Capital Assets. Example, a car or refrigerator, television or V.C.R. are exempted.

5.                        Special Bearer Bond 1991 issued by Government are not treated as a Capital Assets.

6.                        Gold Bond transferred or sold by Assesse are not treated as Capital Assets. These types of Bond are issued by Government time to time.

7.                        Any Agriculture land which has 10,000 population and 2.km. from the local limits of any Municipality or Cantonment Board are not treated as Capital Assets.

8.                        Any Archaeological collections, Drawing, Paintings, Sculptures, Any work of art or jewellery for personal use other than precious jewellery not treated as Capital Assets.