Ans: The following qualifies as property under Section 56-59 of the Income Tax Act:  Securities and shares (securities would include debentures, bonds and others) Building or land Jewellery (This includes any ornament made of gold, silver, diamond, precious stone, or semi-precious stones. Those precious or semi-precious stones attached to furniture, utensils or apparel would also qualify as jewels) Paintings Archaeological collections Any artwork Bullion of the purest form