In India income tax is applicable to the person resident in India. As the income tax is applicable on the total income earned by the person in financial year included all source of income chargeable to tax. Although the income tax is collected by the government of India is main source of revenue of the
As per income tax act under capital gain “capital Asset” to include property of any kind held by the assesse whether or not connected with his business or profession, but does not consider any stock or personal assets subject to certain exceptions in the act. As regards shares and other securities, the same can be held either