What is the meaning of word “Property ” used in definition of Capital Asset ?


The definition of capital asset is provided in section 2(14) of the income tax Act . It is seen that the definition starts “capital asset” means property of any kind held by an assessee….So , the moot point is what is the meaning of property ? Unfortunately , legislature did not define the word “property” as the one has to go by the dictionery menaing fo property . TheOxford Dictionary gives meaning of property as under :

A thing or things belonging to someone; possessions collectively:

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