Capital assets are of two types:
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Short-Term Capital Asset (STCA)
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Long-Term Capital Asset (LTCA)
(1) Short-Term Capital Asset - STCA [Section 2(42A)]:
A capital asset held by an assessee for Not more than 36 months immediately preceding the date of its transfer is known as a short term capital asset.
Exceptions :
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The following assets shall be treated as short-term capital assets if they are held for Not more than 12 months (instead of 36 months mentioned above) immediately preceding the date of its transfer:
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a security including shares (other than unit) listed in a recognised stock exchange in India
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a unit of an equity oriented fund
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a zero coupon bond
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The following assets shall be treated as short-term capital assets if they are held for Not more than 24 months (instead of 36 months/12 months mentioned above) immediately preceding the date of its transfer:
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Share of a company (not being a share listed in a recognised stock exchange in India)
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An immovable property being land and building or both.
Hence, if unlisted share or immovable property is transferred after 24 months from the date of its acquisition, the gain arising from the transfer of share or immovable property shall be treated as long-term capital gain.
(2) Long-Term Capital Asset - LTCA [Section 2(29A)]:
It means a capital asset which is not a short-term capital asset.
In other words, if the asset is held by the assessee for more than 36 months/24 months/12 months, as the case may be, such an asset will be treated as a long-term capital asset
(3) Meaning of Capital Assets in Graphical Chat (Section 2(14) :

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