Treatment of Lease rental Income

This query is : Resolved

CA Sanjay Baheti (Querist)
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22 July 2010 My client being an Individual has owned Factory Building which has given on lease rent to a Partnership Firm & Proprietor ship concern in which he is partner & his younger brother is proprietor respectively. He is getting annualy lease retal Income of Rs 60000/- & 60000/- from the above said two concerns.

Now query is whether this lease rental income can be considered as income under the head House Property Income & claimed statutory Allowance @30% of Rental income or not.
Please confirm.

srinath

srinath (Expert)
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22 July 2010 this would be chargeable under income from house property and as rightly pointed out by u statutory allowance of 30% u/s 24 is applicable