Gold deposit bond issued under the gold deposit scheme (1999) or deposit certificates issued under the Gold Monetisation Scheme, 2015 6½% gold bonds (1977) or 7% gold bonds (1980) or National Defence gold bonds (1980) issued by the central governmentį. Personal goods such as clothes and furniture held for personal useĭ. Any stock, consumables or raw material, held for the purpose of business or professionī. The following do not come under the category of capital asset:Ī. It also includes the rights of management or control or any other legal right. This includes having rights in or in relation to an Indian company. Land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewellery are a few examples of capital assets. We will delve into the chapter on ‘Capital gains’ in detail here. Similarly, capital gains or losses may arise from sale of different types of capital assets. Consequently, any gain or loss incurred from the sale of a house property may be subject to tax under the 'Capital Gains' head. It is important to note that a house property is regarded as a capital asset for income tax purposes. While others may invest with the intention of earning a profit upon selling the property in the future. Investment in a house property is one of the most sought out investments primarily because you get to own a house. There are two types of Capital Gains: short-term capital gains (STCG) and long-term capital gains(LTCG). Such capital gains are taxable in the year in which the transfer of the capital asset takes place. Any profit or gain that arises from the sale of a ‘capital asset’ is known ‘income from capital gains’.
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