What is capital gain?
Capital gains are any profits and gains i.e. any income arising from the transfer of capital assets effected in the previous year shall be chargeable to income tax under the head capital gains in the previous year in which transfer took place.
Now, the question comes in the mind what is the capital asset?
Capital asset means property of any kind held by assessee whether or not connected with his business or profession but it excludes:-
1. Stock in trade meant for assessee’s business or profession2. Personal effects, that is to say, movable property held for personal use by the assessee or by nay of his family member but again it excludes jewellery, archaeological collections, drawings, paintings, sculptures or any art of work
3. Agricultural land in India situated in rural areas.
4. Gold deposit bonds issued under the gold deposit scheme, 1999 notified by the central government
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