25 July 2013
1. Incase ownership ratio not defined, then need to claim 50:50 ratio only
2.Since the no ownership ratio both are eligible to claim Rs.75000 each as maximum deduction. incase 1st owner already claimed fully. he/she need to revise the return and claim correctly
26 July 2013
Please refer section.26 for house property income computation for property owned by coowner ship. also small correction in my reply. each owner can claim the deduction u/s.24b up to Rs.1.50 lakh , not Rs.75000.
sec.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. 87[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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