In the realm of finance, the term capital asset refers to any property that is owned by an individual or entity. This can encompass a wide range of assets, including but not limited to land, buildings, house properties, vehicles, patents, trademarks, leasehold rights, machinery, and jewelry. Essentially, any tangible or intangible possession that holds value and is owned by the assessee falls under the category of capital asset. It is important to understand the concept of capital assets as it is a crucial aspect of financial planning and management.
