The expression 'capital asset' in section 2(22) of the Income-tax Act, 2025 does not include:

Section 2(22) of the Income-tax Act, 2025 excludes stock-in-trade, consumable stores and "Raw materials held for the purposes of business or profession of an assessee". Securities held by a Foreign Institutional Investor are expressly included, precious stones sewn into wearing apparel are jewellery and so are not excluded personal effects, and agricultural land within a municipality having a population of not less than ten thousand is not excluded rural agricultural land. This corresponds to section 2(14) of the repealed Income-tax Act, 1961.