Amendment status not verified — confirm the current text below against the official source.
(1) For the pur pose of assessment of tax be lixed. referred to in su b-scction ( 1) of Section 44, the annual value shall be,- (a) in respect of any land or building lying within the jmi ~ d i ctic·n 0f a Municipal Corporation, or Municipal Board or Town Ccmmittce, the annual value as assessed by or for such Corporation, Muni- cipality or Town Committee and pre;vailing for the time being and 56 TJ-IR ASSAl\1 GAZETTE_. EXTRAORDiNARY. JAN. 9, 1987 (b) in respect of any other land or building, the gross annual rent at which the land or building might at the time of assessment be reasonably expected to let from year to year, less, in the case of a building; an allowance of ten per cent for the cost of repairs and for all other expenses necessary to maintain the building in a state to command such ~ross rent. (2) If the gross annual rent under clause (b) of sub-section (1) of any land or building not ordinarily let cannot be easily estimated, then- (i) in the case of such land, the gross annual rent shall be deemed to be five per cent of the es- timated present value of such land, and (ii) in the case of such . buildings, the gross annual rent shall be deemed to be five per cent of the value of the building obtained by adding the estimated cost . of erecting the building at the time of assessment less a reasonable amount to be de- ducted on account of depreciation, if any, to the estimated present market value of the land with the building as part of the same premises. Det~rmi-