Amendment status not verified — confirm the current text below against the official source.
Standard price of immovable property - (1) The standard price of any property referred to in section 4 shall be the price which such property in the condition in which it is at the time of the transfer would have fetched at the market value prevailing on the notified date: Provided as follows:- (a) if the property consists of land on which a new building has been constructed after the notified date, the standard price of such property shall be the aggregate of the value which the land would have fetched at the market value prevailing on the notified date and the actual cost of construction of the new building plus a sum of fifteen per cent on such cost of construction; (b) if the property consists of land on which a building constructed before the notified date has been reconstructed after that date, the standard price of such property shall be the aggregate of the value which the land and the reconstructed building would have fetched at the market value prevailing on the notified date plus a sum of fifteen per cent on the actual cost of reconstruction. Explanation— 2[(1) For the purposes of this Act,- (a) ‘building’ includes a house, outhouse, stable, latrine, shed, hut, wall, and any such structure, whether of