TREATMENT OF INCOME FROM CO-OWNED PROPERTY [SECTION 26]
(1) Where property is owned by two or more persons, whose shares are definite and ascertainable,
then the income from such property cannot be taxed as income of an AOP.
(2) The share income of each such co-owner should be determined in accordance with sections
22 to 25 and included in his individual assessment.
(3) Where the house property owned by co-owners is self-occupied by each of the co-owners,
the annual value of the property of each co-owner will be Nil and each co-owner shall be
entitled to a deduction of ` 30,000 / ` 2,00,000, as the case may be, under section 24(b) on
account of interest on borrowed capital.
(4) Where the house property owned by co-owners is let out, the income from such property shall
be computed as if the property is owned by one owner and thereafter the income so
computed shall be apportioned amongst each co-owner as per their specific share.
22 to 25 and included in his individual assessment.
(3) Where the house property owned by co-owners is self-occupied by each of the co-owners,
the annual value of the property of each co-owner will be Nil and each co-owner shall be
entitled to a deduction of ` 30,000 / ` 2,00,000, as the case may be, under section 24(b) on
account of interest on borrowed capital.
(4) Where the house property owned by co-owners is let out, the income from such property shall
be computed as if the property is owned by one owner and thereafter the income so
computed shall be apportioned amongst each co-owner as per their specific share.
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