Session 2/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972

1. Capital Asset
Definition

2.  “capital asset”
 means
 property of any kind
 held by a person,
 whether or not connected with a
business,
 but does not include –

3.  any stock-in-trade
 (not being stocks and shares),
 Consumable stores
 or
 raw materials held for the purpose of
business;

4.  any property with respect to which
 the person is entitled to a
 depreciation deduction under section
22
 or
 Amortization deduction under section
24;

5.  any immovable property;
 or

6.  any movable property
 held for personal use
 by the person or
 any member of the person’s family
 dependent on the person
 excluding

7.  Excluding
 (a) A painting, sculpture, drawing or
other work of art;
 (b) jewellery;
 (c) a rare manuscript, folio or book;
 (d) a postage stamp or first day cover;
 (e) a coin or medallion; or
 (f) an antique.

8. Quiz
 Please see Q2 (a) (iii) March 2007
and answer the following question:
 Is the Toyota Corolla Sold by Mr.
Saleem a capital asset ?