AIBE Prep › Papers › AIBE XI — December 2017 › Q.2
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Q.2
Taxation Law Medium Act + Section Given
Bare Act Income Tax Act, 1961 · Section 2(14)

Which of the following is not included in the Capital Asset under Section 2(14) of Income Tax Act:

A Any stock in Trade
B Special Bearer Bonds 1991 issued by Central Government
✓ (a) and (b) Answer
D None of the above
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Explanation & Strategy

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Section 2(14) of the IT Act defines 'capital asset' but specifically excludes: stock-in-trade, personal effects (except jewellery), agricultural land outside specified areas, and Special Bearer Bonds 1991. Both (a) and (b) are excluded.

  1. 1 Look up the referenced provision in Income Tax Act, 1961 to verify the answer.
At a Glance
Subject Taxation Law
Difficulty Medium
Act Income Tax Act, 1961
Section Section 2(14)
Answer (C) Act + Section Given
Paper AIBE XI — December 2017
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📖 Open Book — Reading Mode Income Tax Act, 1961