Rent, rates, taxes, repairs and insurance for buildings
Rent, rates, taxes, repairs and insurance for buildings.
30. 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.