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

Section 2(22) of the Income-tax Act, 2025 excludes from 'capital asset' stock-in-trade, consumable stores and raw materials held for business or profession (other than specified securities), personal effects, rural agricultural land, and Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015, as notified. 'Personal effects' means movable property held for personal use by the assessee or a dependent family member, but excludes jewellery, archaeological collections, drawings, paintings, sculptures and works of art, which therefore remain capital assets. Both (I) and (II) are excluded, so the other options are wrong. (Section 2(14) of the 1961 Act also excluded the obsolete Special Bearer Bonds, 1991, which the 2025 Act no longer mentions.)