Which of the following is not included in the Capital Asset under Section 2(14) of Income Tax Act?

Option A: Any stock in Trade

Option B: Special Bearer Bonds, 1991 issued by Central Government

Option C: (a) and (b)

Option D: None of the above

Correct Answer

Option: c

Explanation

Section 2(14) of Income Tax Act defines “capital asset”. It means- (a) property of any kind held by an assessee, whether or not connected with his business or profession, (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), but does not include- (i) any stock-in-trade other than the securities referred to in sub-clause (b), consumable stores or raw materials held for the purposes of his business or profession; (v) Special Bearer Bonds, 1991, issued by the Central Government.

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