Meaning

It means property jointly owned  by more than one co-owners

 

How to Compute Income

Computation of Income from house property depends upon whether House is Self Occupied or Rented a s shown below:

 

Co-owned Property - Special Cases

                

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Q1

   
Municipal value 1500000
Fair Rent 1800000
Standard Rent 1200000
Actual Rent 2000000
 Municipal taxes paid 0
Interest Paid

500000

Property is Coowned by A and B

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  1. Income Tax
  2. Income From House Property
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Davneet Singh
Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 8 years. He provides courses for Maths and Science at Teachoo. You can check his NCERT Solutions from Class 6 to 12.