Expenditure on Building, Allowable as Deduction (Section 30)

1. Condition: The building should be used for the purpose of business or profession during the relevant previous year.
2. Deduction: The following expenses are allowed as deduction-
   1. Rent paid as tenant.
   2. Current repair expenses towards the premises.
   3. Land Revenue or local rates or municipal taxes.
   4. Insurance premium paid in respect of damage or destruction of the building.
3. Inadmissible Expenditure: Current repairs of Capital Nature shall not be  allowed as deduction.

Expenditure on Plant and Machinery or Furniture, Allow as Deduction (Section 31)

1. Condition: The plant and machinery or furniture should be used for the purpose of business or profession during the relevant previous year.
2. Deduction: The expenses allowed as deduction are
   1. Amount paid on account of current repairs.
   2. Insurance premium paid against damage or destruction thereof.
3. Inadmissible Expenditure: Current repairs of Capital Nature shall not be allowed as deduction.
4. Used for the part of the year: Even if the assets are used for only part of the Previous year, the assesses  can claim full deduction.

Meaning of plant (Section 43(3))

Plant includes:  Ships, Vehicles, books, scientific apparatus and surgical equipment used for the purpose of business or provision.

Plant excludes:  Tea bushes or livestock or buildings or furniture and fittings.