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
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.