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.