Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the West Bengal Premises Tenancy West Ben. Act Act, 1997, or in any other law for the time being in force, for the purpose of assessment XXXVII of 1997. 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. 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 vacant land only shall be deemed to be an amount which may be equal to, but may not exceed, five per cent. of the estimated market value of the land at the time of assessment. (3) If the gross annual rent of any class or classes of lands or buildings cannot be easily estimated, the annual value of a holding comprising such land, or building, shall be deemed to be an amount which may be equal to, but may not exceed seven and a half 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, in the estimated present market value of the land or building comprised in the holding. (4) The estimated cost of erecting a building shall not, for the purpose of determination of the annual value of a holding comprising land and building, include the cost of any plant or machinery (excepting the parts of plant or of combination of plant and machinery, enumerated in Schedule I) on the land or the building as aforesaid. (5) The annual value as determined under this chapter shall be rounded off to the nearest ten rupees. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 29, 2008 65 The West Bengal Municipal Corporation Act, 2006. (Part V.—Chapter 1X.—Municipal Taxation.— B. Rating and valuation.—Sections 120, 121.) Determination of annual valuation of holding exempted from property tax. Unit of assessment.