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:
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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
View answer
First Income From House Property Is Computed And Then Divided Amongst The Co-Owners
| A | Higher of Municipal Value or Fair Rent | 1800000 |
| B | Standard Rent | 1200000 |
| C | Expected Rent (Lower of A or B) | 1200000 |
| D | Actual Rent | 2000000 |
| E | GAV | 2000000 |
| (Higher of Expected or Actual Rent) | ||
| Less | ||
| F | Municipal Taxes Paid | 0 |
| G | Unearned Rent | 0 |
| H | NAV | 2000000 |
| Less | ||
| i | Standard Deduction 30% | 600000 |
| j | Interest on Housing Loan | 500000 |
| k | Income from House Property | 900000 |
A's Income from House Property=900000*1/2=450000
B's Income from House Property=900000*1/2=450000
--endanswer--
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Q2
Solve Q1 assuming property was self occupied by A and B
--answer--
In this Case, NAV is exempt for both
Interest on housing loan is also allowed to each of 200000 Max
Income from House Property is computed separately as shown below
| PARTICULARS | A's Share | B's Share |
| NAV | 0 | 0 |
| Less | ||
| Standard Deduction 30% | 0 | |
| Interest on Housing Loan | -200000 | -200000 |
| Income (Loss) from House Property | -200000 |
-200000 |