Income tax filing Reckoner

1. Stock in trade, consumable stores or raw materials held for the purpose of business or profession
2. Personal effects that are movable property held for personal use but excludes jewellery, archaeological collection, drawings, paintings, sculptures or any work of art

3. Agricultural land in certain areas, 6 percent or 7 percent gold bonds, National defence bonds, special bearer bonds, and gold deposit bonds under the gold deposit scheme.

Computing capital gains can be a complex and challenging task depending on the nature and number of financial transactions undertaken by the assessee. Income-tax form requires mandatory disclosure of all capital gains realized during the year. The tax rate for these gains depend on the asset class and the holding period. On the basis of the holding period the capital asset are further divided into short term and long term capital assets.