Section 2(14) → Section 2(20)
Capital Asset
Quick Answer
Section 2(14) of the Income Tax Act, 1961 (Capital Asset) corresponds to Section 2(20) of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 2(14)
Provision Summary
Property of any kind held by an assessee, whether or not connected with business.
Sec 2(20)
Provision Summary
Expanded explicitly to align with modern asset classes like Virtual Digital Assets (VDAs) and foreign derivatives.
Key Changes & Highlights
- Agricultural land exclusions re-worded for clarity regarding urban agglomeration limits.
Related Sections
Frequently Asked Questions
What does Section 2(14) of the Income Tax Act 1961 deal with?
Section 2(14) (Capital Asset) Property of any kind held by an assessee, whether or not connected with business.
What is the new section number for Section 2(14) under the Direct Tax Code 2025?
Section 2(14) of the ITA 1961 maps to Section 2(20) of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 2(14) under the new tax code?
Section 2(14) is marked as "Retained" with status "Modified". Impact: High - Defines what gets taxed under Capital Gains.
What are the key changes to Section 2(14) under DTC 2025?
Agricultural land exclusions re-worded for clarity regarding urban agglomeration limits.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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