Section 26 of ITA, 1961 : Section 26: Property Owned By Co-Owners
ITA, 1961
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Explanation using Example
Imagine Rita, John, and David jointly own a rental building with each having an equal share in the property. The rental income from the building is ₹90,000 per month. According to Section 26 of The Income-tax Act, 1961, even though they co-own the property, they will not be taxed as a group (like an association of persons). In...
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