Income Tax Act, 2025
Section 9: Subs. by Act 20 of 2015, s. 3, for clause (13A) (w.e.f. 12016).
9. Subs. by Act 20 of 2015, s. 3, for clause (13A) (w.e.f. 12016).
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(14) 1[“capital asset” 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;
2[(ii) personal effects, that is to say, movable property (including wearing apparel and
furniture) held for personal use by the assessee or any member of his family dependant on him,
but excludes—
(a) jewellery;
(b) archaeological collections;
(c) drawings;
(d) paintings;
(e) sculptures; or
(f) any work of art.
Explanation 3[1].—For the purposes of this sub-clause, “jewellery” includes—
(a) ornaments made of gold, silver, platinum or any other precious metal or any alloy
containing one or more of such precious metals, whether or not containing any precious
or semi-precious stone, and whether or not worked or sewn into any wearing apparel;
(b) precious or semi-precious stones, whether or not set in any furniture, utensil or
other article or worked or sewn into any wearing apparel.]
4[Explanation 2.—For the purposes of this clause—
(a) the expression “Foreign Institutional Investor” shall have the meaning assigned to
it in clause (a) of the Explanation to section 115AD;
(b) the expression “securities” shall have the meaning assigned to it in clause (h) of
section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);]
5[(iii) agricultural land in India, not being land situate—
(a) in any area which is comprised within the jurisdiction of a municipality (whether
known as a municipality, municipal corporation, notified area committee, town area
committee, town committee, or by any other name) or a cantonment board and which has a
population of not less than ten thousand 6*** ; or
(w.e.f. 12016).
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1[“capital asset” means—
property of any kind held by an assessee, whether or not connected with his business or
profession;
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—
any stock-in-trade [other than the securities referred to in sub-clause
personal effects, that is to say, movable property (including wearing apparel and
furniture) held for personal use by the assessee or any member of his family dependant on him,
but excludes—
jewellery;
archaeological collections;
drawings;
paintings;
sculptures; or
any work of art.
Explanation 3[1].—For the purposes of this sub-clause, “jewellery” includes—
ornaments made of gold, silver, platinum or any other precious metal or any alloy
containing one or more of such precious metals, whether or not containing any precious
or semi-precious stone, and whether or not worked or sewn into any wearing apparel;
precious or semi-precious stones, whether or not set in any furniture, utensil or
other article or worked or sewn into any wearing apparel.]
4[Explanation 2.—For the purposes of this clause—
the expression “Foreign Institutional Investor” shall have the meaning assigned to
it in clause
of the Explanation to section 115AD;
the expression “securities” shall have the meaning assigned to it in clause
of
section 2 of the Securities Contracts
Act, 1956 (42 of 1956);]
5[
agricultural land in India, not being land situate—
in any area which is comprised within the jurisdiction of a municipality (whether
known as a municipality, municipal corporation, notified area committee, town area
committee, town committee, or by any other name) or a cantonment board and which has a
population of not less than ten thousand 6*** ; or