Sec 2(14) Of income tax provides for list of exclusions which shall not be considered as Capital asset. Everything apart from that exclusions shall be treated as Capital Asset
capital asset means an asset which you held it for the purposes of earning income.these maybe building in which business is carried on it machinery which us used for generating revenue.these are business assets now the house in which one stays though it is not used for business it is being used for residential purpose.when you plan to sell this house the consideration that you receive is taxable as capital gains. so property of any kind whether connected with business or no is a capital asset
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