New Provision
Section 24, IT Act 2025
Replaces (IT Act 1961)
26
Chapter
Chapter IV — Computation of Total Income
Effective From
1 April 2026
Statutory Text — Section 24
(1) For property co-owned with definite and ascertainable share, the co- owners shall not be assessed as an association of persons and their income computed separately under this Part as per their respective share shall be included in their total income. (2) The relief available under section 21(6) shall be provided as if each co- owner is individually entitled to the said relief.
Shahi & Co. — Our Understanding
This section falls under Chapter IV which governs the computation of total income under all five heads: Salaries, House Property, Business & Profession, Capital Gains, and Other Sources.
Practical Note: All income earned by a taxpayer in a tax year must be computed under one of these heads. Proper classification determines the applicable deductions, set-off rules, and tax rates.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 24 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.