Taxability of co-owners: income from jointly held property taxed individually and relief applied per owner. Where property is co-owned with a definite and ascertainable share, each co-owner's income from the property is computed separately according to their ... Summary
Taxability of co-owners: income from jointly held property taxed individually and relief applied per owner.
Where property is co-owned with a definite and ascertainable share, each co-owner's income from the property is computed separately according to their share and included in their total income; co-owners are not assessed as an association of persons, and the applicable relief is provided as if each co-owner is individually entitled.
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