What are Short-Term Capital Assets?
An asset is defined as Short Term Capital Asset if it held for less than 36 months. An asset other than a Short-Term Capital Asset is regarded as a Long-term capital asset
What are Long-Term Capital Assets?
An asset is defined as a Long-Term Capital Asset (LTCA) if it is held for more than 36 months. In other words, an asset other than a Short-Term Capital Asset is regarded as a Long-term capital asset.
What is Salary income?
The term “Salary” signifies remuneration paid by an employer to an employee for services rendered over a period of time.
What is Gross Total Income?
Gross total income (GTI) is the sum of incomes computed under the five headsof income i.e. salary, house property, business or profession, capital gain and other sources after applying clubbing provisions and making adjustments of set off and carry forward of losses.