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Capital asset
As per section 2(14), capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. Can you please tell me what is the importance of Whether or not connected to the Business or Profession in the definition?
Replies (1)
It means, Tax on capital gain will arise whether it is a capital asset used for business or not. i.e Sale of Personal Capital asset will also attract capital gain tax
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