Short-term capital asset is capital asset held by an assessee for not more than 60 months.

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...., defines short-term capital asset to mean a capital asset held by an assessee for not more than 60 months immediately preceding the date of its transfer. (The period of 60 months has been reduced by the Finance(No.2) Act, 1977 to 36 months with effect from 1st April, 1978). 2. A question has been raised as to which of the following is the correct mode of assessment of capital gains arising on ....