So, the first benefit I understand of Long Term Asset is that I get a real time cost or inflation adjusted cost benefit, so that my indexed cost is higher over the simple cost and to that extent the capital gain I get reduces.
The second benefit is the lower taxation rates which I will see in Taxation module.
The third benefit in case of sale of equity shares of mutual funds is that first 1 lac gains is exempt, only balance is taxable (we will refresh this in Taxation module).