Home > Income Tax > Business or Profession > Rent,Repairs,Insurance etc. – Section 30

Rent,Repairs,Insurance etc. – Section 30

The following expenses are allowed as deduction from income of Business or Profession:-
+ Amount spent on repairs to the premises.
+ Amount paid for land revenue, local rates and municipal taxes subject to Section 43B.
+ Insurance Premium paid for covering risk of damage of premises.
+ Rent paid for the premises.
+ Amount spend on repairs by tenant is allowable as deduction to the tenant.

Notes:- If any amount is incurred as capital expenditure, then it is not allowed as deduction. But depreciation can be claimed on such amount.
If capital expenditure is incurred by tenant, then depreciation is allowed to tenant only.
If expenditure incurred or asset used partly for business and partly for other purpose, the only proportionate amount is allowed as deduction. [ Section 38 ]

About Rohit Pithisaria

I am a Practising Chartered Accountant based in Jaipur, Rajasthan. Co-founder of TaxAdda.com and been in practice for more than 5 years. Have expertise in Income Tax and rendered our services to more than 2000 clients.
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