Capital Gains Tax On Property in india, Capital Gain From Sale of Property - A capital asset refers to asset or property of any kind held by a person irrespective of whether it is connected to the person’s business or profession. This would include land, immovable property like residential and commercial buildings or spaces, shares and stocks, securities and bonds, mutual funds, vehicles, trademarks, patents, machinery, jewellery, archeological items, works of art like paintings, sculptures etc.