26.Property owned by co-owners

Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with section 22,section 23,section 24 and section 25 shall be included in his total income.

Explanation.-For the purposes of this section, in applying the provisions of sub-section (2) ofsection 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub-section.