Capital gain

Asset sold after 2 year's long term capital Gain , lf sold before 2 year's short term capital Gain .In case of financial Assets it's 1 Year .

Short term capital gain are those gain which we get after selling a capital asset which we owned for a year or less than a year
and long term capital gain are those gain which we get after selling of capital asset which we owned more than a year

Short term capital gain arises on sale of short term capital asset. I similarly long term capital gain arises on sale of long term capital asset.
short term capital asset - holding period less than 2 years (for listed shares debentures 1 years)
long term capital asset - holding period 2 years or more

As per section 2(42A) of income tax act, Any asset held for a period not more than 36 months is short term capital asset..
so an asset held for more than 36 months is long term asset and any gain arising on that is Long term capital gain

Yes @ prajakta is correct , It's not 2 year's ,it's 3 years .

Thanks @ prasad nilugal..
@ Santosh Kumar..
there are certain exceptions of this general rule of 36 months... so it depends on the asset that you are holding that what will be the period of holding for classification..
For following asset it is 12 months -
Listed security, unit of equity oriented fund/uti and ZCB.
and for following assets it is 24 moths
Unlisted shares and land or building or both..

yes @ prajakta 

section 2(42A)  3rd  proviso  amended in finance act  2018  from 12 months to 24 months  for share of company  not being listed  and immovable  property  land and building  .