State how the following incomes will be chargeable to tax and if taxable, also the head of income: Mr. Balu, employed in a private company, let out a vacant land to X & Co. LLP for a monthly rent of ₹ 30,000.

Income from letting out of vacant land is chargeable to tax under the head "Income from Other Sources" under section 56 of the Income Tax Act, 1961. While computing Income, deduction u/s 57 will be allowed from such Rent. Therefore, monthly rent received of ₹30,000 from vacant land is taxable under the head "Income from Other Sources" in the hands of Mr. Balu.