TAX ADVISOR & CONSULTANT AT G.S.T SUVIDH
1372 Points
Joined June 2012
As per Income tax act, To be taxable under the head "Income from House Property", Assessee should be owner of House property and assessee should not use the property for his business purpose. In you case as you said, It is out of Block of asset and i think you have provided depreciation too. For an Assessee carrying Business, if any asset is let out for Temporary purpose, it is taxable in the hands of Assessee as Business income and if let out with an Intention not to use in the business, it is taxable either under the head Income from other sources or Income from House property. In your case if it is for permenant basis then Tax it as Rental Income but you should not provide depreciation till date.