SECTION 48

The Delhi High Court has held that it will not be appropriate to exclude or include any day of the holding for the purpose of computing the period of holding. The date on which the asset is acquired is not to be excluded because the holding starts from the said date. Neither is the date of sale/
transfer to be excluded. Thus, if an asset is held for 12 months/36 months and is sold the very next day after the period of 12/36 months is over, the asset would be treated as a long term capital asset.
Further, there is nothing in the said section to show and hold that the time period would not include fraction of a day