Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Capital asset
1. A long-term asset used in the operation of a business or used to produce goods or services, such as equipment, land, or an industrial plant. - also termed fixed asset. 2. For income-tax purposes, any of most assets held by a taxpayer except those assets specifically excluded by the internal revenue code. ( excluded from the definition are, among other things, stock in trade, inventory, and property held by the taxpayer primarily for sale to customers in the ordinary course of trade or business.
capital asset
See ASSET.