Amendment status not verified — confirm the current text below against the official source.
ment in writing. (c) For the interest of the owner of any hut or other structure-- compensation equal to the cost of construction of a similar hut or other structure as on the date of vesting, after deducting therefrom an amount on account of depreciation calculated at such percentage as may be prescribed having regard to the nature of the materials used in the construction. Explanation.—(i) "Gross income" means the aggregate of the amounts received or receivable during a year by the owner or the lessee or the sublessee on account of the rent of the land and of any huts or structures owned by him. (l) "Net income" means the amount arrived at by deducting from the gross income— (a) the annual rents and taxes payable by the owner or the lessee or the sub-lessee for such land, huts and structures ; (b) the cost of repairs and maintenance of the huts and structures, if any, calculated at ten per centum of the gross income-; (0 the cost of management and collection calculated at six per centum of the gross income. (iii) "Not annual income" means the average of the net income calculated over a period of five consecutive , years preceding the date of vesting. If only a por- tion of the land was let out for any period during the The Calcutta Slum Clearance and Rehabilitation of 7 Slum-dwellers Act, 1958. XX et 1958.3 (Sections 8-11.) five consecutive years as aforesaid, then the gross income for the portion so let out shall be the basis for determining the gross income of the entire land for such period. (2) Where several persons claim to be entitled to compensation payable for any land or hut or structure under sub-section (1), the prescribed authority Anil determine the persons who, in his opinion, are entitled to receive the same and apportion the amount among them. (3) Determination of persons entitled to receive the com- pensation and the amount payable to each of them by the prescribed authority shall, subject to appeal as hereinafter provided, be final and conclusive.