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capital gain

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(Querist)
27 March 2009 sir,

pls tell me what are capital gains.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
27 March 2009 As per sec. 45(1), profits or gains arising on transfer of a capital asset shall be chargeable under the head “Capital Gains”.


ANY GAIN ON TRANSFER OF CAPITAL ASSETS IS CAPITAL GAIN
Stress: Following are the essential conditions `to be satisfied to charge any income under the head “Capital Gains”:
a. There must be a capital asset.
b. The assessee transfers such capital asset.
c. There must be profit or gain (including negative profit or gain) on such transfer.



for transfer see section 2(47)
for capital assets see section 2(14)

that all i can say in brief
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