What is Capital Asset?

Legal Definition
A capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or intangible, fixed or circulating. Thus, land and building, plant and machinery, motorcar, furniture, jewellery, route permits, goodwill, tenancy rights, patents, trademarks, shares, debentures, securities, units, mutual funds, zero-coupon bonds etc. are capital assets.
-- Wikipedia
Legal Definition
Tangible and generally illiquid property used by a business to generate profit, such as equipment and buildings. The usefulness of the asset is expected to extend beyond one year.
Legal Definition
An asset that is set to generate income and one depreciation is claimed usually.
Legal Definition
This term applies to all property and money and the surplus and undistributed profits.