What is the meaning of the term ‘long-term capital asset’?

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..... for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset. However, in respect of certain assets like shares (equity or preferenc .....

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..... ect from Assessment Year 2018-19, the period of holding of immovable property (being land or building or both), shall be considered to be 24 months instead of 36 months. - Manuals - Ready reckoner .....

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