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)............. 
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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
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