Property - Definition / Legal Terminology - Income Tax

Property Explanation .- For the purposes of section 2(14)(a) of the Income-tax Act, 1961, it is hereby clarified that - Property includes and shall be deemed to have always included any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever;'; Explanation.(d) -For the purposes of section 56(2) of the Income tax Act 1961,- Property means the following capital asset of the assessee, namely:- (i) immovable property being land or building or both; (ii) shares and securities; (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; (viii) any work of art; or (ix) bullion; Explanation1.-For the purposes of sub-section (2) of section 64 of the Income tax Act 1961,- Property includes- any interest in property, movable or immovable, the proceeds of sale thereof and any money or investment for the time being representing the proceeds of sale thereof and where the property is converted into any other property by any method, such other property.