ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Unearned income includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. It also includes unemployment compensation, taxable social security benefits, pensions, annuities, cancellation of debt, and distributions of unearned income from a trust.

Detailed explanation-2: -Any movable property (excluding jewellery made out of gold, silver, precious stones, and drawing, paintings, sculptures, archeological collections, etc.) used for personal use by the assessee or any member (dependent) of assessee’s family is not treated as capital assets.

Detailed explanation-3: -If you sell an asset for more than you paid for it, your profit (minus your cost basis) is called a capital gain. Short-term capital gains are profits from selling assets you own for a year or less.

Detailed explanation-4: -Capital Asset is defined to include: a) Any kind of property held by an assessee, whether or not connected with business or profession of the assessee. b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.