http://www.iedubook.com/subject/ca-ipcc--income-tax-video-tutorials-26~

Capital Asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include the following

- Stock in trade, consumable stores or raw material held for business
- Agricultural land in rural area in India other than urban agricultural land
- Items of personal effects i.e. movable property held for personal use excluding:
- Jewellery, Archaeological collections, Drawings, paintings, sculpture or any work of art etc.
- Special Bearer Bonds , 1991
- Certain Gold bonds (which have already matured)
- Gold deposit Bonds issued under Gold Deposit Scheme 1999