Under section 2(22) of the Income-tax Act, 2025, which of the following is not a capital asset ?

Section 2(22) of the Income-tax Act, 2025 (formerly s.2(14) of the Income-tax Act, 1961) defines 'capital asset' as property of any kind held by an assessee, whether or not connected with his business or profession, but excludes stock-in-trade (other than securities held by a Foreign Institutional Investor or a specified investment fund), consumable stores and raw materials held for business or profession, personal effects, rural agricultural land and notified gold deposit bonds and deposit certificates. Profits on the sale of stock-in-trade are taxed under 'Profits and gains of business or profession'. Goodwill of a business is property of any kind; jewellery is expressly kept out of 'personal effects'; and agricultural land within the limits of a municipality or municipal corporation having a population of not less than ten thousand is not excluded, so all three are capital assets.