Is Cash is regarded as 'Capital Asset' as per Section 2(14) of the Income Tax Act.....
If Yes then what are the taxing affacts under the income tax act and other Provisions of various acts.......
In My Opinion it is regarded as Capital Asset as it is not excluded from the defination of capital asset u/s 2(14)............. 
Menu
In Regard Of Capital Asset
Replies (3)
| Originally posted by :VIVEK JAIN | ||
| " | Is Cash is regarded as 'Capital Asset' as per Section 2(14) of the Income Tax Act..... If Yes then what are the taxing affacts under the income tax act and other Provisions of various acts....... In My Opinion it is regarded as Capital Asset as it is not excluded from the defination of capital asset u/s 2(14)............. |
" |
Hi Vivek,
Section 2(14) says "Capital Asset means PROPERTY of any kind held by an assessee........ ..."
I dont think cash can be regarded as property. So it will not be a capital asset.
bUT i WANT ITS eXACT ANSWER, NOT THE THINKING ANSWER........
Hi Vivek,
'Capital Asset' means property of any kind held by the assessee.
Cash is a liquid asset.Further moving to sec.45 wherein the definition of capital asset does not include cash.
hence cash does not include capital asset
Recent Topics :
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
- Capital gain on sale of agriculture land
- Demand from TRACES
- FY 2025-26 ITC CLAIM DUE DATE
- 96084000 and 48202000 HSN code ka Tax Rate kya hai
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
Related Topics :
CAclubindia
