AIBE XI — December 2017 — Q.2 (Income Tax Act, 1961)

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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 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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