Real estate and gold have traditionally formed a major part of the portfolio of Indian investors. However, over the years, returns from real estate have ranged from poor to negative. On the other hand, gold does not offer attractive returns in the long term and has high transaction costs. Apart from holding gold or real estate for own use, investing in these two asset classes does not make much financial sense. But if you want to cut down on investing in gold and real estate, pay attention to the tax rules that apply. Let’s take a look at the taxes that apply to short-term and long-term gains from these two asset classes.