One commercial property was purchased by a partnership firm in 2005 consisting of 5 partners.
However in a span of 4 to 5 years , 4 partners retired from the partership due to losses in business and partnership firm was dissolved. Also in land records , the property was transferred to the 5th partner who then continued the business as a proprietory concern. However no compensation was paid to 4 retiring partners due to losses in business as per agreement.
Now if the 5th partner i.e the sole proprietor sells the property what will be the cost of property for purpose of Capital gains? Will it be only his share when the property was originally purchased or entire cost of the property?
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