Capital asset excludes all except —

CS Executive · Tax Laws and Practice · PYQS · December 2014
Capital asset excludes all except —
(A) Stock-in-trade
(B) Personal effects
(C) Jewellery
(D) Agricultural land in India.

Answer & Explanation:

Correct Answer: Option (C)

Correct answer: (C) Jewellery. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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