¹[ (1) The remaining amount after deducting the total allowable expenses, mentioned in this chapter, from the gross rental value of any property of a person shall be the income from rent of that person from that property.

(2) If any portion of the property of a person is used for the purpose of the person’s own business and the income derived therefrom is computable as the income from business of that person, this section shall not apply to the part thereof.

(3) Excepting the cases of hostel, hotel, motel or resort, the nature of rent of any property, regardless of trade, commerce or business of whatever kind, income therefrom shall be computed under the head “Income from rent”. ]