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Income from house property

24. (1) The tax shall be payable by an assessee under the head Income from house property in

respect of the annual value of any property, whether used for commercial or residential purposes,

consisting of any building, furniture, fixture, fittings etc. and lands appurtenant thereto of which he

is the owner, other than such portions of the property as he may occupy for the purposes of any

business or profession carried on by him, the income from which is assessable to tax under this

Ordinance.

(2) Where any such property as is referred to in sub-section (1) is owned by two or more persons

and their respective shares are definite and ascertainable, such persons shall not constitute and

shall not be deemed to be, an association of persons; and for the purpose of computation of the

income of an assessee in respect of that property, only such part of such income as is

proportionate to the share of the assessee shall be reckoned as his income from that property.