As per section 2(14) capital asset means property of any kind held by assessee whether or not related to his business or profession.
So whether Cash or Bank account of assessee considered as Capital Asset because it's property of the assessee.
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Is cash capital asset as per sec 2(14) of income tac act
Replies (7)
Definition of property does not include cash and hence cash is not a property and if it is not property then it is not a capital asset.
but Property is not defined in Income tax act.
where is Property defined.?
where is Property defined.?
In transfer of property act
In Transfer of property act they have defined immovable property. There is no definition of movable property in Transfer of Property
Act, 1882, Movable property has been defined in the General Clauses Act,1897 to mean
‘property of every descripttion except immovable property’.
Moreover nowhere they have said that cash is not Property.
Act, 1882, Movable property has been defined in the General Clauses Act,1897 to mean
‘property of every descripttion except immovable property’.
Moreover nowhere they have said that cash is not Property.
Yes agreed. But there should be transfer of capital asset. Let us assume cash is a capital asset but how do you define period of holding of that asset for computation of gains
There is no capital gain I agree but is it capital asset we need to determine that.
How do you determine whether Cash is capital asset or not
How do you determine whether Cash is capital asset or not
Yes agreed. we do not have clear cut definition of property. However in general parlence cash is not property for the purpose of capital asset
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