Property owned by co-owners
Property owned by co-owners.
26. 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 section 25 shall be included in his total income.
* Explanation to sec. 26 is proposed to be inserted by the Taxation Laws (Amendment) Bill, 1973, as reported by the Select Committee. For text see cl.7 of the Bill.
[As amended by the Finance Act, 1975 and by the Finance Act, 1974]