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Renting of gala previously used for biz purpose

This query is : Resolved 
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(Querist)
26 June 2013 Assessee previously used Gala for his business purpose but in current FY he rented that GALA , assessee shown this as FA and charged depreciation on it..
My query is:
whether Income from rent earned on this Gala Can be shown as Rent income? and can assessee continue claiming depreciation ? OR he need to show as Income from House Property and not to claim Depreciation.

Thanks In Advance.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 June 2013 He can show income under IFHP and can not claim depreciation.
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rohan

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rohan (Querist)
26 June 2013 sir but he need to remove that Gala from Block of Asset , what value should he Consider? and whether it will be shown as fixed asset or as investment..?
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