Capital Asset

Tax Glossary Definition

Capital Asset

Capital Asset – A capital asset refers to any property of any kind held by a person, whether connected with their business or not, but excluding stock-in-trade, consumable stores, or raw materials held for business purposes. Capital assets may be tangible (like land, buildings, or jewellery) or intangible (like goodwill or patents).

Example: Shares, land, buildings, and gold jewellery are considered capital assets under the Income Tax Act.

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