Attribute Based Access Control (ABAC) mechanisms have been attracting a lot of interest from the research community in recent times. This is especially because of the flexibility and extensibility it provides by using attributes assigned to subjects as the basis for access control. ABAC enables an administrator of a server to enforce access policies on the data, services and other such resources fairly easily. It also accommodates new policies and changes to existing policies gracefully, thereby making it a potentially good mechanism for implementing access control in large systems, particularly in today's age of Cloud Computing. However management of the attributes in ABAC environment is an area that has been little touched upon. Having a mechanism to allow multiple ABAC based systems to share data and resources can go a long way in making ABAC scalable. At the same time each system should be able to specify their own attribute sets independently. In the research presented in this document a new mechanism is proposed that would enable users to share resources and data in a cloud environment using ABAC techniques in a distributed manner. The focus is mainly on decentralizing the access policy specifications for the shared data so that each data owner can specify the access policy independent of others. The concept of ontologies and semantic web is introduced in the ABAC paradigm that would help in giving a scalable structure to the attributes and also allow systems having different sets of attributes to communicate and share resources.