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TMI BlogRentX X X X Extracts X X X X X X X X Extracts X X X X ..... e or draft or by any 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 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o that no deduction shall be made under this section where 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 call ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 2. Substituted for any 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 substitutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 [ (a) ten per cent for the use of any machinery or plant or equipment; (b) fifteen 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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