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Rental income from factory premises

This query is : Resolved 
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24 August 2012 One of My client being a PF having 4 Partners engaged in Manufacturing Activities.Factory Shed/Premises are owned in joint name of 2 Partners.These 2 Partners given such Premises on rent to PF as per Rent Agreement, hence being used for Business purposes.

Now the query is whether the Rental Income from such Factory Premises/Shed from the PF in the hands of partners is taxable as House property Income or Business Income.

If House Property income then whether partners can claim Statutory Allowance at the rate of 30% as per section 24 of I.T.Act or not individually.
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Praveen Kumar Rathi

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Praveen Kumar Rathi (Expert)
25 August 2012 Yes , the income is taxable under the haed of INCOME FROM HOUSE PROPERTY.

and the 2 partners are also eligible to get deduction u/s 24 @30%.
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