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Answer Posted / meenakshi
capital gains are the gain on the transfer of capital
assets during the year .capital assets are those which are
held for more than 36months they are longterm capital
assets if they are held for less than 12months they are
shortterm capital assets.capital assets doesnot include
land in rural area gold deposits silver utenzils personal
effects gold bar jewellery motorcar etc.transfer include
sale or relinquishment of capital asset,convertion of
capitalgoods into stockin trade etc.
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