The expression 'Capital asset' given under Section 2(22) of the Income-tax Act, 2025, does not include:

Raw materials held for the assessee's business or profession are excluded from capital assets under Section 2(22) of the Income-tax Act, 2025 (formerly section 2(14) of the Income-tax Act, 1961). The definition expressly includes the specified FII securities, and precious stones remain jewellery even when sewn into clothing. Agricultural land requires the statutory location and population tests; merely describing it as municipal land does not establish an exclusion.