CMWSA Act 34Chapter VI · . Revenue, Finance, Accounts, Audit and Budget.

Section 34 · Amount of tax, how to be fixed

(1)

For the purpose of assessment of tax under clauses (c) and (d) of sub-section (1) section 33, the annual value shall be, -

(a)

in respect of any land or building lying within the jurisdiction of a municipal corporation or municipality, the annual value as assessed by or for such corporation or municipality and prevailing for the time being, and

(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 gross 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 estimated present value of such land, and

(ii)

in the case of such building, 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 deducted on account of depreciation, if any, to the estimated present market value of the land with the building as part of the same premises.

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