26. Property owned by co-owners.- Where property
consisting of buildings or buildings and lands appur- tenant
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 sections
22 to 25 shall be included in his total income.
Explanation.—For the purposes of this section, in applying
the provisions of sub-section (2) of section 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.
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