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.
1 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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1. Ins. by Act 41 of 1975, s. 7 (w.e.f. 1-4-1976).
Section 25A Special provision for arrears of rent and unrealised rent received subsequently
Section 26 Property owned by co-owners
Section 27 Owner of house property, annual charge, etc., defined
Section 28 Profits and gains of business or profession
Section 29 Income from profits and gains of business or profession, how computed
Section 30 Rent, rates, taxes, repairs and insurance for buildings
Section 31 Repairs and insurance of machinery, plant and furniture
Section 32A Investment allowance
Section 32AB Investment deposit account
Section 32AC Investment in new plant or machinery
Section 32AD Investment in new plant or machinery in notified backward areas in certain States