In respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession, the following deductions shall be allowed-
(a) where the premises are occupied by the assessee-
(i) as a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs;
(ii) otherwise than as a tenant, the amount paid by him on account of current repairs to the premises;
(b) any sums paid on account of land revenue, local rates or municipal taxes;
(c) the amount of any premium paid in respect of insurance against risk of damage or destruction of the premises.
1 Explanation.-For the removal of doubts, it is hereby declared that the amount paid on account of the cost of repairs referred to in sub-clause (i), and the amount paid on account of current repairs referred to in sub-clause (ii), of clause (a), shall not include any expenditure in the nature of capital expenditure.
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1. Ins. by Act 32 of 2003, s. 14 (w.e.f. 1-4-2004).
Section 25A Special provision for arrears of rent and unrealised rent received subsequently
Section 26 Property owned by co-owners
Section 27 Owner of house property, annual charge, etc., defined
Section 28 Profits and gains of business or profession
Section 29 Income from profits and gains of business or profession, how computed
Section 30 Rent, rates, taxes, repairs and insurance for buildings
Section 31 Repairs and insurance of machinery, plant and furniture
Section 32A Investment allowance
Section 32AB Investment deposit account
Section 32AC Investment in new plant or machinery
Section 32AD Investment in new plant or machinery in notified backward areas in certain States