Standard deduction on hp income

I think it will be income from house property, and standard deduction shall be available.

Wait for other replies.

If the factory is a depreciable asset then the income is income from Business Profession on which no standard deduction is availible

Section 26 talks about the co-ownership. According to this section, where property consisting of building or buildings and land appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable such persons shall not, (in respect of such property,) be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income. In such an eventuality, the relief admissible under section 23(2) shall also be separately allowable to each such person [Explanation to Section 26]. thus it is clear that if their share is defined and is certain that income shall be taxable separately.

I understand that his income shall be taxable under the head "income from house property" because this is not used by the owner (other co-owner)  for his own business or professional purpose.

Sir,

Actually I'm doing a tax planning for a real life situation. Here, the the lessee i.e. the other co-owner is using the leased factory for his business. How to ensure that the lessor gets 30% Standard Deduction u/s 24(b) on the lease rent received. Should the lessor lease only the factory or the entire property which they share equally?

Regards

In my opinion , 

If the person who has given the property on lease   and he is the regular business of leasing , then it will be treated as  PGBP  otherwise it comes under the purview of HP .

and standard deduction would be allowed as well. 

and in the second case, for the leasee , as he is using the property for his business... he would do the simplification as per PGBP and general deductions would be allowed under section 37. 

correct me , If I'm wrong. 

In my case, it shall be income from HP as the lessor is not involved in the regular business of leasing. 

Could you please explain the general deduction the lessee would get under section 37?

Regards