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Basic Concepts (BOI)
Direct Taxation
Co-executors or co-trustees are assessable as a BOI as their title and interest are indivisible. In the above statement, what does it mean by the title and interest? And how are they indivisible? Please elaborate.
Answers (1)
Title and interest stands for ownership. When it's indivisble, it means - each has a shared interest in the property which cannot be divided up. All have equal rights to possess and use it property subject to rights of other co-executors or co-trustees. No co-executor co-trustee can claim to own any physical portion of the property exclusively.
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