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Under which of the following circumstances may 'capital gains' arise?

1. When there is an increase in the sates of a product.

2. When there is a natural increase in the value of the property owned.

3. When you purchase a painting and there is a growth in its value due to increase in its popularity.

Select the correct answer using the codes given below.

A)  Only 1             

B)  2 and 3    

C)  Only 2             

D)  All of these