Under Section 2(42A) of the Income Tax Act, units of the Scheme held as a capital asset, for a period of more than twelve months immediately preceding the date of transfer, are treated as a long term capital asset, and incase of any gain, its known as ‘Long Term Capital Gain’, - thus attracting long term capital gains tax rate.
In all other cases it would be treated as a short-term capital asset and would attract short-term capital gains tax rate.