Rent, rates, taxes, repairs and insurance

(1)

The following amounts shall be allowed as deduction in respect of premises, machinery, plant or furniture, wholly and exclusively, used for the purposes of the business or profession:–– (a) any premium paid in respect of insurance against risk of damage or destruction thereof;

(b)

land revenue, local rates or municipal taxes paid;

(c)

rent paid, when the premises are occupied by the assessee as a tenant;

(d)

amount paid on account of current repairs, not being capital expenditure, when the premises are occupied by the assessee otherwise than as a tenant; and (e) cost of repairs, not being capital expenditure, when the premises occupied by the premises occupied by the assessee as a tenant.

(2)

In case where the premises, building, machinery, plant or furniture is partly used or not wholly and exclusively used for the purposes of the business or profession, the deduction allowable under sub-section (1) shall be restricted to the fair proportionate part thereof as determined by the Assessing Officer,