transfer of asset excluded in capital asset definition

Rural agricultural land is specifically excluded from the purview of definition of capital asset u/s 2(14), thus exempting the capital gain taxation.

Rural agricultural land not being a capital asset as per Sec. 2(14), capital receipt on sale of such land is not taxable at all, which supports such legislative intent.

Similarly some personal assets are excluded from definition of 'Assets' under the act; but not silver or Gold jewelry.