House Property income for Co-Ownership

What is Co-ownership? 

Co-ownership means where a single house property is owned by more than one person.

How to calculate tax on House Property income in case of co-ownership?

If there are multiple owners of a single house property, then the income shall be taxed in the hands of all such owners in the ratio of their ownership.

Let us understand this with an example:

Illustration: Two brothers, Aarav and Anant co-own a bunglow in the ratio of 40:60. The rent received from the bunglow during assessment year 2016-17 is Rs. 40,00,000. Municipal taxes paid by them add up to Rs. 70,000. No interest is paid on home loan.

Calculation of income under head House Property:

Particulars Amount (in Rs.)
Annual Value


Less: Municipal Taxes




Less: Standard Deduction @ 30% of (A)


Taxable Value (B)


Income in the hands of :
Aarav (40%) of (B)


Anant (60%) of (B)



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