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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 as 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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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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