capital Gain

These are considered as LONG TERM Assets.

One Year Period is knows as Long Term ;)
 

I think long term capital gain period is more than one year and Tax rates are 5% for taxpayers in the 10% and 15% tax brackets (zero percent starting in 2008)

if purchased on 1/1/2009 then the period of one year ends on 31/12/2009. in your case, the period is ending on 1/1/2010, which is more than 12 months and a capital asset if held for more than 12 months qualify as LONG TERM CAPITAL ASSET.

for calculation of period ... period is considered from the date of acquisition to the date immediately preceding the date of trf so period of holding in your  case is from 1-1-09 to 31-12-09 which is excatly 1 year. One year or less is considered as short term  so in your case answer will be SHORT TERM CAPITAL GAIN.....AND NOT LONG TERM CAPITA GAIN 

However, in the case of company shares, various securities listed in a recognised Stock

Exchange in India, units of the Unit Trust of India and of Mutual Funds specified under section

10(23D) or a Zero Coupon Bond, the said assets will be considered as long-term capital

assets if they are held for more than 12 months.

i agree with Sharad Sain,.it will be considered as short term capital gain.

AS PER SEC. 2(42A) -IF ANY ASSETS (OTHER THAN SHARES,SECURITIES,MF UNITS,) HELD FOR MORE THAN 36 MONTHS THEN THESE ASSETS R TREATED AS LONG TERM CAP ASSETS , BUT IN THE CASE OF SHARES THIS TIME LIMIT SHOULD B MORE THN 12 MONTHS......

HENCE IN UR CASE HOLDING PERIOD GOING MORE THN 12 MONTHS HENCE IT SHOULD B LONG TERM CAP ASSETS ,SO LTCG APPLICABLE ON THF. OF THESE SHARES

the POH is more than 12 months hence long term capital asset and consequently long term capital gain will arise...!!