Section 38 of ITA, 1961 : Section 38: Building, Etc, Partly Used For Business, Etc, Or Not Exclusively So Used
ITA, 1961
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Explanation using Example
Imagine a small business owner, Priya, who operates her boutique from a section of her home in Mumbai. The ground floor of her house is used as the boutique, while the upper floor is her residence. For the financial year, she pays an annual rent of ₹2,40,000 for the entire property.
When filing her income tax return, Priya claims a deduction for the rent paid. However, since only the ground floor is used for her business, she cannot claim the entire rent amount as a business ...
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