What is long-term and Short term capital gain?

For Debt securities (NCD etc) Short Term Capital Gains are those that you earn when you sell an asset in under 36 months (3 years) from the date on which you acquired the asset. Long Term Capital Gains are those that you earn when you sell an asset after 36 months (3 years) from the date on which you acquired the asset.

For Equity assets: Short Term Capital Gains are those that you earn when you sell an asset in under 12 months (1 year) from the date on which you acquired the asset. Long Term Capital Gains are those that you earn when you sell an asset after 12 months (1 year) from the date on which you acquired the asset.