30. Rent, rates, taxes, repairs and insurance for buildings.
- 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.[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.] [ Inserted by Act 32 of 2003, Section 14 (w.e.f. 1.4.2004).]
