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Rent received from plant & machinery

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(Querist)
10 July 2019 Ours is a partnership firm and we have given on rent our plant & machinery. Yearly Rent is Rs 64,80,000. Whether there may be certain exemption and deduction on such income. What to do in such case ? What are the related expenses which can be claimed against the said rental income.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
10 July 2019 If income is offered under 'Income from other sources' claim deductions permissible u/s 57, OR

If income is offered under 'Income from business', claim expenses as per the rent
agreement.
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