AUBSP»Income Tax»Taxpayers»Section 26 of Income-tax Act 1961-2017 – Property owned by co-owners

Section 26 of Income-tax Act 1961-2017 – Property owned by co-owners

Detail analysis of the provisions of Section 26 (Property owned by co-owners) of Income-tax Act 1961 as amended by latest Finance Act 2017.

Chapter IV (Sections 14-59) of Income Tax Act, 1961 deals with provisions related to computation of total income. Section 26 of Income Tax Act 1961-2017 provides Special provision for Property owned by co-owners.

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.

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.

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