Rent withholding exemption applies where eligible REITs receive qualifying rent from directly owned specified real estate assets.

Rent otherwise subject to withholding is not liable to deduction at source where it is paid or credited to a Business Trust functioning as a Real Estate Investment Trust (REIT). The exclusion applies only to qualifying rent relating to a specified real estate asset classified as industrial machinery and owned directly by the REIT. Each condition concerning the nature of rent, recipient status, asset category, and direct ownership must be met; otherwise, ordinary withholding treatment applies.

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