Property owned by co-owners.
26. 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
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.