Which of the following is/are not included in 'capital asset' under section 2(22) of the Income-tax…

Section 2(22) of the Income-tax Act, 2025 excludes from 'capital asset' (i) stock-in-trade (other than securities held by a Foreign Institutional Investor or a specified investment fund), consumable stores or raw materials held for business or profession, (ii) personal effects, (iii) rural agricultural land, and (iv) Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015, as notified by the Central Government. Both (I) and (II) are therefore excluded, so "(I) only", "(II) only" and "Neither" are wrong. (Section 2(14) of the 1961 Act also excluded the obsolete Special Bearer Bonds, 1991, which the 2025 Act no longer mentions.)