https://www.taxtmi.com/highlights?id=2271 'Capital asset' means, 'property of any kind held by an assessee'. - it does not necessarily mean that the property, which the assessee holds, must be his own. And Surrender of rights of the assessee would amount to extinguishment of his rights in the land/capital asset and, therefore, it attracts capital gains/loss .... - AT en-us Sat, 03 Dec 2011 11:48:51 +0530 Sat, 03 Dec 2011 11:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=2271 'Capital asset' means, 'property of any kind held by an assessee'. - it does not necessarily mean that the property, which the assessee holds, must be his own. And Surrender of rights of the assessee would amount to extinguishment of his rights in the land/capital asset and, therefore, it attracts capital gains/loss .... - AT Highlights Income Tax Sat, 03 Dec 2011 11:48:51 +0530 https://www.taxtmi.com/highlights?id=2271