What is Capital Gains. Distinguish between long term & short term Capital Gain.
Capital Gains and Distinction between Long-Term and Short-Term Capital Gains:
Capital Gains: Capital gains refer to the profit or income generated when an individual or entity sells a capital asset at a higher price than its original purchase price. Capital assets include various types of properties, investments, and assets such as real estate, stocks, bonds, and collectibles. Capital gains are a significant component of an individual's taxable income and are subject to taxation by the government.
Distinguishing Between Long-Term and Short-Term Capital Gains:
The distinction between long-term and short-term capital gains is based on the holding period of the capital asset. The holding period is the duration for which the asset is held ______ ______ ________ ____ _____ _______ ________.
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