Pending professional review. This content was drafted with Claude from official sources and has not yet been reviewed by an ArthaKara professional. Verify against the official sources before relying on it.
Simple meaningAn asset held for a short period before sale.
Relevant ActIncome-tax Act, 1961
Section / ruleSection 2(42A)
Technical meaning
A capital asset held for not more than 12 months (listed securities) or 24 months (other assets) immediately before transfer, for transfers on or after 23 July 2024.
Practical example
Listed shares sold after 10 months produce short-term gains.
Related terms
Official reference
Income-tax Act, 1961, Section 2(42A)
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