What is capital asset in income tax act

Section 2(14) defines capital asset in IT act. As per this section, capital asset means property of any kind  held by an assessee whether or not connected with his business or profession but does not include; Stock in trade, raw material or consumable stores held for the purpose of business or profession ( surplus arises out of these are taxed under the head profits and … [Read more...] about Capital asset – As defined under section 2(14) of income tax act, 1961