Joint venture agreement pan under which head

Income from a Joint Venture is considered as a Capital Gain under the Income Tax Act. Since there is no monetory consideration involved in the transaction, it is therefore considered as a capital gain. This capital gain is subject to certain conditions. One of the conditions is that the asset should be held for a period of more than five years from the date of entering into the Joint venture agreement. If the asset has been held for less than five years, then the capital gains tax would be zero.

Since your Joint Venture Agreement was entered into in 2011, you will have to wait till September 2016 to pay any Capital Gain tax. As of this date, it is possible that your Brothers may have won the Appeal and will have your file reopened with another IT Officer.