n NISM Certifications
X NISM Series X
Medium

According to Section 2(14) of the Income Tax Act, which of the following is excluded from the definition of 'Capital Assets' when calculating capital gains?

Practice question from NISM Series XA- Investment Adviser (Level 1) Mock Test 5 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. Personal Assets

    Correct answer

  2. B

    Paintings and artworks

  3. C

    Jewellery

  4. D

    Movable property

Why this is the answer

Capital assets include movable and immovable properties but exclude personal assets, except for specific items like jewellery, paintings, sculptures, or artworks, which are considered capital assets.

Test yourself for real

Take a full NISM Series X mock test.

Same duration, same weighting, same difficulty distribution as the real exam — with explanations on every question.