Substitution Of Capital Assets


Substitution Of Capital Assets

Created On: | 101 Views

Income Tax
Substitution in the definition of Capital Assets [Section 2(14)]

Substitution in the definition of Capital Assets [Section 2(14)] [w.e.f. A.Y. 2015-16]

 

For the words in the opening portion "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include

(iany stock-in-trade

 

The following shall be substituted, namely: -

"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,

but does not include

 

(i any stock-in-trade [other than the securities referred to in sub-clause (6)],';

 

back

take a break

Subscribe to our Newsletter for Latest News & Updates.