“capital asset” means—

(a) property of any nature or kind held by an assessee;

(b) any business or undertaking, wholly or as a unit;

(c) any stock or share;

but does not include—

i. any stock-in-trade, consumer goods or raw materials held for the purposes of the business of an assessee;

ii. personal effects, that is to say, movable property which includes wearing apparel, jewelry, furniture, fixture or handicraft, equipment and vehicles, which are held exclusively for personal use by the assessee or any member of his family dependent on him and are not used for purposes of the business of the assessee or any member of his family dependent on him.