Specified assets for non-profit tax treatment include assets acquired from qualifying income and transferred on dissolution.

For Part B concerning NPOs, a specified asset is an asset directly acquired from prescribed income, including assets acquired in defined pre-registration periods and assets transferred to another specified person within the prescribed period after dissolution. Its character depends on the source and period of acquisition, registration status, and the applicability of retrospective-registration provisions. Under the 1961 Act, specified assets include qualifying Indian-company shares, debentures, deposits, Central Government securities, and notified assets. The historical capital-gains exemption framework also included specified securities, savings instruments, Unit Trust units, qualifying shares, and long-term bank or co-operative banking deposits.

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