CA
770 Points
Joined July 2008
As per Explanation given in Sec 56(2)
“property” 78 [means the following capital asset of the assessee, namely:—]
(i) immovable property being land or building or both;
(ii) shares and securities;
(iii) jewellery;
(iv) archaeological collections;
(v) drawings;
(vi) paintings;
(vii) sculptures; 79 [***]
(viii) any work of art; 80 [or]
80 [(ix) bullion;]
Since the legistaure has used the word "means" for providing definition of property, it means it is exclusive and exhaustive list of property.
Hence, motor car is not covered.