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The capital gains tax is applied to the profits you earn by selling assets, like mutual funds, property, and many stocks. There are two types of capital gains tax, which are divided into 2 parts: short-term and long-term, and both have different taxation.
Short-term capital gains (STCG): In this, you can hold assets for less than 12 months for cases like equity shares, mutual funds, and business trusts, and for other asset cases, you can hold them for a period of 24 months.
Long-Term Capital Gains (LTCG): Under the long-term capital gains, you can hold assets for more than 12 months for cases like shares, mutual funds, and business of trust, and for other asset cases, you can hold assets for 24 months.
Capital gains are taxed on short-term capital gains and on long-term capital gains. Short-term capital gains are assets held for less than one year, and long-term capital gains are assets held for more than one year.
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What are the classifications of the capital assets?
Classification Long-term capital gains are as follows:
Here is the classification of the short-term capital gains, which are held for less than one year: