REIT rent exemption removes tax deduction at source where specified assets are directly owned by the eligible trust.

Rent payments otherwise subject to tax deduction at source are exempt from deduction when credited or paid to an eligible Business Trust functioning as a Real Estate Investment Trust (REIT). The exemption applies only where the payment is covered rent, relates to the specified real estate asset identified as Industrial Machinery, and that asset is directly owned by the REIT. Payments satisfying these cumulative conditions are excluded from the tax deduction at source requirement.

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