co owned commercial property income

I have a property
we are three owner S J & V of the property
property is land (commercial)
we use to let out land for function like party , marriage etc

but decoration is not over part , it is done by some one else.

we use to provide watchman, water supply, electricity genrator , cleaning staff .

suppose we get per function rs 1,00,000.(including decoration charge of 40000)
total expens on our part were 30000 for watter supply, genrator rent, cleaning staff, and other expenses.

seprate billing is done for decoration.

so for remaining 60,000 what should I do.

Questions?
1) 60000/3 =20000 each of three should divide and give separate bill.
as property is owned jointly and equall share of each. also treat this as bussiness income in individual return and and claim expenses of 10000 (30000/3) . my taxable income would be 20000-10000.