23 November 2009
Any asset is a capital asset. If the the assessee holds the asset for not more than 36 months(12 months in case of shares/securities/UTI/units of mutual funds/zero coupon bonds), it will be called short term capital asset. if the period of holding is more than 36 months / 12 months, as the case may be, it is long term capital asset. regards, CA Shakuntala Chhangani
23 November 2009
Gain or Loss on transfer of Capital Asset is termed as Capital Gains or Losses. It can be short term or long term depending upon the holding period of such capital asset.
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