Explain long term and short term capital asset
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Long term capital asset means a capital asset held by an assessee for more than 36 months immediately preceding the date of its transfer.
An asset held for a period of 36 months or less is a short-term capital asset. ... For instance, if you sell house property after holding it for a period of 24 months, any income arising will be treated as long-term capital gain provided that property is sold after 31st March 2017.
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