http://www.iedubook.com/subject/ca-ipcc--income-tax-video-tutorials-26~<br /><br />Capital Asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include the following<br /><br />- Stock in trade, consumable stores or raw material held for business<br />- Agricultural land in rural area in India other than urban agricultural land<br />- Items of personal effects i.e. movable property held for personal use excluding:<br />- Jewellery, Archaeological collections, Drawings, paintings, sculpture or any work of art etc.<br />- Special Bearer Bonds , 1991<br />- Certain Gold bonds (which have already matured)<br />- Gold deposit Bonds issued under Gold Deposit Scheme 1999
