Final answer:
The individual can sell the asset on April 1, 2017, to meet the requirement of a holding period exceeding one year, as the period is counted from the day after purchase.
Step-by-step explanation:
The first day an individual could sell a capital asset purchased on March 31, 2016, and ensure the holding period is more than one year would be April 1, 2017. The holding period is calculated from the day after the purchase until the day of the sale. Therefore, if the asset was purchased on March 31, 2016, the holding period would be a full year on March 31, 2017, and any day after that would exceed the one-year threshold.