Income-tax Act : Property owned by co-owners. Indian Bare Acts :

Income-tax Act,1961

Act No : 43

Section : Property owned by co-owners.

26. Property owned by co-owners 2 Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income. 3[Explanation.-For the purposes of this section, in applying the provisions of sub-section (2) of section 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub-section.] --------------------------------------------------------------------- 1 Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4- 1986 3 Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4- 1976. ---------------------------------------------------------------------- 1.156