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Head of income

This query is : Resolved 
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(Querist)
23 November 2014 Please give Advice on the following Query:-

The Assessee is having industrial Built-up plot of 10000 Sq. Meter And doing Manufacturing on 1000/- Sq Meter. Remaining land of 9000 Sq Meter has been let out to other units on rent and received rent from it.

1. Whether the rental income can be included under the head Business Income.

Or

2. Whether rental income to be include the under the head income from other sources or House Property, If yes Which Kind Of expenses/ deductions will be allowed out of rental income.

If rental income to be taxed under the head other sources, how the valuation of 9000/- Sq meter area taken/computed under the Wealth Tax Act or would be exempted as business Assets.

Please reply with reported Case Laws. If any.
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Amol S Joglekar

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Amol S Joglekar (Expert)
23 November 2014 Better to show it under Income from House Property.
For wealth tax, it is exempt
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