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of <h1>Co-owners must report proportional house-property income individually; each treated as entitled to interest-relief under the house-property rule.</h1> When immovable property comprising buildings (with or without appurtenant land) is owned by two or more persons whose shares are definite and ascertainable, they are not assessed as an association of persons; instead each co-owner must include in their total income their proportionate share of income from the property as computed under the house-property provisions. For computing that share under the relevant rule for interest relief, each co-owner is to be treated as if individually entitled to the relief specified in that rule.
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