Home › CA Final › taxation › Profits and Gains of Business or Profession › Section 30 covers expenses related to:
Section 30 covers expenses related to:
APremises used for business/profession
BAll owned premises
CResidential premises
DOnly let-out premises (per relevant Section)
Answer & Solution
Correct answer: A. Premises used for business/profession
1. Section 30 allows deduction of expenses on premises used for business or profession.
2. Eligible items: rent (if not owner), current repairs, land revenue, local rates, taxes, insurance.
3. Capital expenditure on extensions or improvements is not allowed under Section 30.
_Source: ICAI BoS CA Final Paper 7, Ch 3 "Profits and Gains of Business or Profession"_
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