| 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
Correct Answer: B
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