Amendment status not verified — confirm the current text below against the official source.
(I) Notwithstanding anything contained in the West Bengal Premises Tenancy Act, 1956, or in any other law for the time being in force, for the purpose of assessment of the property tax, the annual value of a holding comprising land or building shall be deemed to be the gross annual rent including service charges, if any, at which such land or building might, at the time of assessment, be reasonably expected to let from year to year, less an allowance of ten per cent of such annual value for the cost of repairs and other expenses necessary to maintain such land or building in a state to command such gross rent. (2) The annual value of a holding comprising land which is not built upon, shall be deemed to be an amount equal to, but not exceeding, five per cent of the estimated market value of such land at the time of assessment: Provided that such holding utilised for any gainful purpose shall be deemed to be in commercial use for the purpose of levy of surcharge under section 97. (3) If the gross annual rent of any class or classes of lands or buildings connot be easily estimated, the annual value of a holding comprising such land or building shall be deemed to be an amount not less than five per cent, but not exceeding ten per cent, of the value of the holding obtained by adding the estimated cost of erecting the building at the time of assessment less a reasonable amount to be deducted on account of depreciation, if any, to the estimated present market value of the land valued with the buildings as part of the same premises. (4) The estimated cost of erecting a building shall not, for the purpose of determination of annual value, include the cost of any plant or machinery (except those enumerated in Schedule III) on the land or the building as aforesaid. (5) The annual value as determined under this Chapter shall he rounded off to the nearest ten rupees.