24.1 Property owned by co-owners
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Section 24(1) Property co-owned with definite and ascertainable share, co-owners shall not be assessed as an AOP and their income computed separately under this Part as per their respective share shall be included in their total income |
24.1.1 Relief for self-occupied property shall be provided to each owner separately
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Section 24(2) Relief available u/s 21(6) shall be provided as if each co-owner is individually entitled to the said relief. |
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Where the house property owned by co-owners is self occupied by each of the co-owners, annual value of the property of each co-owner will be Nil and each co-owner shall be entitled to a deduction of Rs.30,000/ 2,00,000 on account of interest on borrowed capital. |
