hi all,
i would like to know that if a property was held by 3 people cumulatively and in april 2011, 2 of the above persons released their share to the 3rd co-owner and a release deed was signed and registered as required.
now when the sole owner of the property sells the property, the property is to be considered as a LONG TERM CAPITAL ASSET as the defination says the act says,"to be held more than 36 months before transfer" and is silent about the entire share as such.
now my question is, how will the amount paid by the assessee at the time of the release deed to the other co-owners be treated as.
please revert ASAP.
Thank you.
CAclubindia
