Short-term capital gains arise when land integral to a building is sold as part of that composite asset within the applicable holding period. Where land appurtenant to a building cannot be severed and forms an integral part of the building, the land becomes part of the building and the construction brings into existence a distinct asset - house property/building (building and land appurtenant thereto) - on completion. The character of gains on sale of that composite asset is governed by the period for which the composite asset is held; sale within the prescribed short-holding period results in short-term capital gains.