§24
Section 24 — Property owned by co-owners
In plain terms: This section covers co-owned property. If each co-owner's share is definite and known, the co-owners are not taxed as an association of persons. Each one's income is worked out separately for their own share, and each can claim the nil-annual-value relief for a self-occupied house (section 21(6)) individually.
(1) For property co-owned with definite and ascertainable share, the co-owners shall not be assessed as an association of persons and their income computed separately under this Part as per their respective share shall be included in their total income.
(2) The relief available under section 21(6) shall be provided as if each co-owner is individually entitled to the said relief.