7. Short-term capital gain (STCG)

An asset held for less than 36 months before its transfer is subject to STCG.

8. Long-term capital gain (LTCG)

An asset held for 36 months or more before its transfer is subject to LTCG. In case of certain assets, the period of 36 months is reduced to 12 months. Those assets are equity or preference shares, debentures and government securities which are listed on recognized stock exchanges, units of mutual funds and zero coupon bonds.

9. Assessee

Assessee means person by whom tax is payable. The Income Tax Act 1961 defines 'assessee' as a person by whom any tax or any other sum of money is payable under this Act. 'Person' further refers to an individual, a Hindu undivided family (HUF), a company, a partnership firm and an association of persons or a body of individuals whether incorporated or not.

(Author - iFAST Content Team, Fundsupermart.com)