Income from Capital Gains
Any profits and gains arising from the transfer of a capital assets effected in the previous year shall be chargeable to income tax under the head capital gain in the PY in which the transfer took place. It should satisfy the following conditions There should be a capital asset The capital assets should be transferred. Transfer should result in profit or gains Capital Asset means any property of any kind held by an assessee whether or not connected with his business or profession. But the following assets are not capital assets. Any stock in trade, consumable stores or raw materials held for the purpose of his business or profession. All personal effects except jewellery Agricultural land in India which is situated in rural area etc. Continue reading