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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.