Profit or gain arising from the sale of property is called a Capital gain on a property. Capital Gains are divided into two categories:
--Long-term Capital Gain
If you sell the property after holding it for more than 24 months, the profit will be classified as long-term capital gains (LTCG).
--Short-term Capital Gain
If the property is sold within 24 months of its acquisition, it is classified as short-term capital gain (STCG).