Which of the following is not true for capital receipts ?

The correct answer is option (1) : They are regular and recurring in nature

Capital receipts are typically not regular and recurring in nature; they are often one-time or irregular inflows of funds into the government. They include items such as loans, borrowings, disinvestment proceeds, etc., which are not expected to occur regularly but rather as specific events or decisions.

Reasoning for Other Options:

(2) They create a future obligation to return or disinvestment of assets: This is true. Capital receipts often involve borrowing or disinvestment of assets, and they create an obligation for the government to repay loans or return the value of disinvested assets in the future.

(3) E.g., Loans and Borrowings: This is true. Loans and borrowings are examples of capital receipts. They do not represent regular and recurring transactions.

(4) They relate to the future obligation to return or disinvestment of assets: This is true. Capital receipts are associated with future obligations or changes in the government's assets.