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Capital gains in case of co-owned property

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 November 2017 Hi Experts
Please answer whether capital gains will be attracted if a property was purchased by two brothers in their joint name 10 yrs ago and now one of the co-owner release his share in favour of other without any consideration .
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 November 2017 Capital gains attracts being relinquishment of right . Inference section 2(47)(i) of the IT Act,1961.
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 November 2017 Thanks for your valuable guidance sir...
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