Long-term capital asset classification requires specified holding periods; exceptions shorten periods for listed securities and immovable property. Long-term capital asset classification depends on the holding period before transfer: generally property held for more than 36 months qualifies as long-term. Exceptions apply: listed shares, equity mutual fund units, listed debentures and government securities, Units of UTI, and Zero Coupon Bonds qualify after 12 months; unlisted shares after 24 months; and immovable property (land or building or both) is treated as long-term after 24 months.