A co-ownership property(consits of 3 persons) under construction meant for 16 units of flat for residential use purpose-is inteneded by the co-owners for convert the same into partnership property.
The exact three co-owners are also partner of a partnership firm so if the under constuction property is now transferred into the partnership firm is there any capital gain shall arouse. Please note the land purchased in the name of the co-owners in the year 2004 and the construction initiated in the year 2006-07 F.yr.
