law: The Income-Tax Act, 1961
  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.
  2[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.]
  2. Ins. by Act 32 of 2003, s. 14 (w.e.f. 1-4-2004).