★ Define the term capital assets? Distinguish between short term and long term assets and give procedure to calculate capital gains??
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Answer:
Capital Asset is defined to include: a) Any kind of property held by an assessee, whether or not connected with business or profession of the assessee. b) Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
Capital gains fall into two categories: Short-term capital gains: Gains realized on assets that you've sold after holding them for one year or less. Long-term capital gains: Gains realized on assets that you've sold after holding them for more than one year.
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