'Capital asset' means, 'property of any kind held by an ...

Case Laws     Income Tax

December 3, 2011

'Capital asset' means, 'property of any kind held by an assessee'. - it does not necessarily mean that the property, which the assessee holds, must be his own. And Surrender of rights of the assessee would amount to extinguishment of his rights in the land/capital asset and, therefore, it attracts capital gains/loss .... - AT

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