Long-Term Asset

Tax Glossary Definition

Long-Term Asset

Refers to a capital asset that is retained for a period exceeding the threshold specified under tax laws—typically 12 or 24 months depending on the nature of the asset. Profits from the sale of such assets are classified as Long-Term Capital Gains (LTCG) and benefit from lower tax rates compared to short-term gains.

Example: Selling a residential property after holding it for more than two years qualifies it as a long-term capital asset.

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