Q.Mr. Ghosh purchased jewellery in June 2023 for ₹3,00,000 and sold it in November 2025 for ₹4,50,000, incurring valuation and brokerage charges of ₹10,000 on the sale. Compute the Capital Gain, and state its classification.

Jewellery, like immovable property, uses the 24-month holding-period threshold, and this jewellery was held just past it.

Classification: jewellery is not a listed security, so it takes the general 24-month threshold under Section 2(42A) (not the 12-month threshold, which applies only to listed securities and equity-oriented mutual fund units). Held from June 2023 to November 2025 is a period of about 29 months, which EXCEEDS 24 months, making this jewellery a Long-term Capital Asset.

Computation:

A common slip is applying the 12-month listed-securities threshold to jewellery simply because it is a valuable, tradeable asset — jewellery is not a 'listed security' in any sense a …