Section 2(22) in The Income Tax Act, 2025

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Union of India - Subsection

Section 2(22) in The Income Tax Act, 2025

(22)"capital asset" means—

(a)property of any kind held by an assessee, whether or not connected with his business or profession;

(b)any securities held by—

(i)a Foreign Institution Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992; or

(ii)an investment fund specified in section 224(10)(a) which has invested such securities in accordance with the provisions of the regulations made under the Securities and Exchange Board of India Act, 1992 or under the International Financial Services Centers Authority Act, 2019;

(c)any unit linked insurance policy to which exemption under Schedule II (Table: Sl. No. 2) does not apply,but does not include—

(i)any stock-in-trade, other than the securities referred to in sub-clause (b), consumable stores or raw materials held for business or profession;

(ii)personal effects;

(iii)agricultural land in India, not being a land situated––

(A)in any area comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or

(B)in any area within the distance as specified in column C of the following Table, measured aerially from the local limits of any municipality or cantonment board referred to in item (A) and having population as referred to in column B of the said Table:—

Table

Sl.No.	Population of municipality or cantonment board	Within distance, measured aerially, from local limits of any municipality or cantonment board not being more than
A	B	C
1.	More than 10000 and upto 100000.	Two kilometres.
2.	More than 100000 and upto 1000000.	Six kilometres.
3.	More than 1000000.	Eight kilometres;

(iv)Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015 as may be notified by the Central Government,where,––

(A)"Foreign Institutional Investor" shall have the meaning assigned to it in section 210(6)(a);

(B)"personal effects" means any movable property (including wearing apparel and furniture) held for personal use by the assessee or any family member dependent on him, but excludes––

(I)jewellery, which includes––

(a)ornaments made of gold, silver, platinum, or any other precious metal or any alloy of such precious metals, with or without precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel; or

(b)precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel; or

(II)archaeological collections; or

(III)drawings; or

(IV)paintings; or

(V)sculptures; or

(VI)any work of art;

(C)"population" shall mean the population according to the last preceding census of which the relevant figures have been published before the first day of the tax year;

(D)"property" includes any rights in or in relation to an Indian company, including rights of management or control or any other rights; and

(E)"securities" shall have the same meaning as assigned to it in section 2(h) of the Securities Contracts (Regulation) Act, 1956;

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Union of India - Subsection

Section 2(22) in The Income Tax Act, 2025