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capital Gain

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(Querist)
15 December 2008 jewellery is capital assets from A.Y. 08-09 if i am filing my return of A.Y.07-08 whether same would be treated as capital assets.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
15 December 2008 Jewellery is a `capital asset' for AY 2007-08 also for the purpose of calculating capital gains under the Income Tax Act. The only asset in the nature of a personal effect but is included in the definition of capital asset is jewellery.

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