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TMI BlogRentX X X X Extracts X X X X X X X X Extracts X X X X ..... other mode, whichever is earlier, 3[deduct income-tax thereon at the rate of- 7[(a) two per cent. for the use of any machinery or plant or equipment; and (b) ten per cent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings:]] Provided that no deduction shall be made under this section where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income by way of rent is credited or paid to a business trust, being a real estate investment trust, in respect of any real estate asset, referred to in clause (23FCA) of section 10, owned directly by such business trust.] Explanation.-For the purposes of this section,- 6[(i) "rent" means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny person" by the Finance Act, 2003, w.e.f. 1-6-2003. 3. Substituted for "deduct income-tax thereon at the rate of twenty per cent:" by the Finance Act, 1995, w.e.f. 1-7-1995. 4. Clauses (a), (b) and (c) substituted for clauses (a) and (b) by the Finance Act, 2007, w.e.f. 1-6-2007. Prior to its substitution, clauses (a) and (b) read as under : "(a) fifteen per cent if the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fteen per cent for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings where the payee is an individual or a Hindu undivided family; and (c) twenty per cent for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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