Which of the following are excluded from 'capital asset' under section 2(22) of the Income-tax Act, 2025?

Section 2(22) of the Income-tax Act, 2025 excludes from capital asset any stock-in-trade (other than securities held by Foreign Institutional Investors and specified investment funds), consumable stores or raw materials held for business or profession. It also excludes Gold Deposit Bonds and deposit certificates issued under the Gold Monetisation Scheme, 2015 as notified by the Central Government. The answer is therefore "Both the specified stock-in-trade and the notified Gold Monetisation Scheme deposit certificates". This corresponds to section 2(14) of the repealed Income-tax Act, 1961.