Assessee, his father, sister and brother, having executed the joint development agreement with the developer in their capacity as owners of land and subsequently executed a partition deed among themselves for dividing the property which was constructed by the developer according to their shares, it has to be accepted that there were four co-owners of the said land and not two as assumed by the AO. Tribunal restored the matter to the file of the AO to enquire as to whether the assessee’s father and sister sold their respective shares separately, which they got based on the partition deed; if it is found that all the four owners have separately sold their respective shares of property, the long-term capital gain is to be computed by taking the assessee’s share as 25 per cent. As regards the construction of a house within the specified period, the issue was remanded to the AO to decide the issue after considering the relevant documents.   (AY. 2011-12)