Capital Gain
CAPITAL GAINIncome under the Capital Gains4.1 Chargeability: Capital gains shall be chargeable to tax if the following conditions are satisfied: There should be a capital asset. In other words, the asset transferred should be a capital asset on the date of transfer; It should be transferred by the taxpayer during the previous year; There should be profits or gain as a result of the transfer. 4.2 Meaning of Capital Asset Capital Asset is defined to include: Any kind of property held by an ass ...